Assume that at the current level of output a firm's marginal cost and average variable cost of production are both decreasing. Based on this, we can conclude that the marginal product and average product of the firm's variable input(s) are both increasing. Select one: True False All else constant, an improvement in technology at each scale of operation would cause: Select one: a. a movement up an industry's LRAC curve. b. a movement down an industry's LRAC curve. c. an upward shift of an industry's LRAC curve. d. a downward shift of an industry's LRAC curve. All else constant, an increase in the price of labor would cause the total amount of output that can be produced with a fixed amount of spending to ________. This would result in a movement to a ________ isoquant. Select one: a. increase; lower b. increase; higher c. decrease; lower d. decrease; higher The amount of money a firm pays to lease a building it uses for office space is called: Select one: a. the full opportunity cost of production. b. an explicit cost. c. a real cost of production. d. an implicit cost. The marginal product of a variable input is calculated as: Select one: a. the change in total product divided by the change in output. b. total product divided by the change in the variable input. c. the change in total product divided by the change in the variable input. d. total product divided by the total quantity of the variable input.