Explain the difference between diminishing returns to labor and diminishing marginal returns to labor
What will be an ideal response?
Diminishing returns to labor means that an increase in the number of labor units will decrease the amount of output. Diminishing marginal returns means that additional units of labor increase output at a decreasing rate.
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The size of a corporation, as measured by stockholders' equity, depends primarily upon
A) current net revenue. B) people's expectations of future earnings. C) the amount of capital invested in the corporation. D) total sales (in dollar terms).
Which of the following is a result of imposing a rent ceiling?
A) There is an increase in the quantity of apartments demanded. B) The marginal benefit of the last apartment rented is less than the marginal cost of supplying it. C) Some consumer surplus is converted to producer surplus. D) There is an increase in the quantity of apartments supplied.
Refer to Figure 11-6. In the figure above which letter represents the average total cost curve?
A) A B) B C) C D) D
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.