Write TRUE or FALSE after the number of each statement (11) – (16): 11) A production function shows the amounts of PROFIT a firm can earn.

Write TRUE or FALSE after the number of each statement (11) – (16):

11) A production function shows the amounts of PROFIT a firm can earn..

12) Diminishing marginal returns is always caused by having a VARIABLE input.

13) If the marginal product of a worker is positive, it means total product is RISING.

14) Total product will decline when as each added worker has a negative marginal product..

15) In the short run, the firm’s supply curve is its MARGINAL cost curve.

16) In the short run, average fixed cost keeps RISING as the firm increases its quantity of output.