1. O or X (True or False)

1. O or X (True or False)
( ) 1. The production function is nothing to do with the isoquant.
( ) 2. The average product(AP) can be negative.
( ) 3. The marginal product(MP) can be negative.
( ) 4. The AP is always greater than the MP.
( ) 5. The total product(TP) increases all the time as the inputs increase.
( ) 6. The isocost is related to the cost function.
( ) 7. The output elasticity of capital determines the return to scale.
( ) 8. The productivity is not related to the AP.
( ) 9. The productivity is not related to the MP.
( ) 10. The learning curve is the function of time.
( ) 11. The diffusion curve is the function of time.
( ) 12. The total cost is a sum of fixed cost and variable cost in a long-run.
( ) 13. The marginal cost(MC) is higher than the average cost(AC) at any output.
( ) 14. The break-even output is estimated from the positive profit..
( ) 15. The long-run cost function is estimated on the cross-section data.
( ) 16. A difference between oligopoly & monopolistic competition is number of firms.
( ) 17. The monopoly firm faces the perfectly price-elastic demand.
( ) 18. The oligopoly firm faces the moderately price-elastic demand.
( ) 19. The perfect competitive firm faces the perfectly price-inelastic demand.
( ) 20. The cartel model is a kind of monopoly market.
( ) 21. The sales maximization model concerns the profit.
( ) 22. The dominant strategy game is considering other firm’s strategy.
( ) 23. The mark-up pricing on price is higher that mark-up pricing on cost.
( ) 24. The transfer pricing is to find price of similar products.
( ) 25. The expected value calculation is needed for the uncertainty analysis.
( ) 26. The net present value calculation is needed for the risk analysis.
( ) 27. The cost of debt(loan) is nothing to do with firm’s tax rate.

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