The law of diminishing marginal returns per worker states that beyond some point:
a. marginal satisfaction declines per unit.
b. decreases in capital per worker add more to output per worker.
c. marginal satisfaction increases per unit.
d. increases in capital per worker add less to output per worker.
d
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Game theory is a method of analyzing the strategic interaction that occurs between small numbers of
A) people. B) firms. C) countries. D) All of the above are correct.
Two goods are ________ if the quantity consumed of one increases when the price of the other decreases
A) normal B) superior C) complementary D) substitute
(Consider This) Suppose that a large tree on Betty's property is blocking Chuck's view of the lake below. Betty accepts Chuck's offer to pay Betty $100 for the right to cut down the tree. This situation describes:
A. the Coase theorem. B. the optimal allocation of a public good. C. nonrivalry and nonexcludability. D. a market for externality rights.
Major achievements of the European Union (EU) include the following, except:
A. Abolished tariffs and quotas among its member nations B. Liberalized the movement of capital and labor among its member nations C. Created common policies in agriculture, transportation, and business practices among its members D. Established a common fiscal policy among its member nations