Average product falls any time
a. marginal product is falling.
b. marginal product is rising.
c. marginal product is below it.
d. total product is rising.
c. marginal product is below it.
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Refer to Figure 8.1. If Charla and Mirna agree to pay each other $350 to install the pollution-control device on their heating systems, the payoffs in the upper-right and lower-left cells in the payoff matrix would become
A) +350, +350. B) +140, +140. C) -560, -560. D) +840, +840.
Which of the following is an example of a company "offshoring" part of the production of a service?
A. Technicians overseas reading X-rays taken in the United States B. Foreign students studying at American universities C. Scissors for haircuts being produced in China D. An American traveler getting a tattoo while in Germany
If a union is able to successfully lobby Congress to limit imports of rival products, and thus to raise the demand (and thus price) for the goods or services they make, then which of the following best describes the outcome?
A. The supply of labor will increase. B. The demand for labor will increase. C. The supply of labor will decrease. D. The demand for labor will decrease.
An outward shift of the production possibilities curve demonstrates
A. a recession. B. economic growth. C. a cyclical shock. D. an increased rate of inflation.