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Chapter 4

Chapter 4: Production Theory

Sentence Completion

For the sentences below, choose the appropriate word in the parentheses and fill it in the blank that immediately follows. In the instances where no parenthesized words are suggested, review the chapter content in your textbook and fill in the blank with the word(s) that you think will correctly complete the sentence. For questions with two or more blanks, please separate your answers by comma.
1. At the Manchester Corporation, the average product of labor equals 3L, where L is the number of units of labor employed per day. The total output produced per day if 4 units of labor are employed per day is ___________. The total output produced per day if 5 units of labor are employed per day is ___________. The marginal product of the fifth unit of labor employed per day is ___________.
2. In the (long run / short run) ___________, all inputs are variable.
3. The ___________ production function can be written Q = ALα1Kα2.
4. A fixed input is (fixed/variable)___________ in quantity.
5. A variable input is (fixed/variable)___________ in quantity.
6. In both the short run and the long run, a firm’s productive processes generally permit substantial ___________ in the proportions in which inputs are used.
7. The average product of an input is total product divided by ___________.
8. The marginal product of an input is the addition to total output resulting from ___________.
9. Underlying the law of diminishing marginal returns is the assumption that technology remains (variable/constant)___________.
10. Two isoquants can never ___________.

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