When the marginal product ________, the marginal cost ________
A) increases; remains the same
B) remains the same; increases
C) increases; increases
D) increases; decreases
D
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In third-degree price discrimination, the monopolist will choose quantities so that each market has the same
a. price. b. total revenue. c. marginal revenue. d. elasticity.
Managers of profit centers earn more when their divisions
a. increase their sales and decrease their costs b. decrease their sales and increase their costs c. increase the costs of the components for which they are responsible d. None
GDP equals $8 trillion. If consumption equals $5.5 trillion, investment equals $500 billion, and government spending equals $1.5 trillion, then:
a. exports exceed imports by $500 billion. b. imports exceed exports by $500 billion. c. net exports equal zero d. exports exceed imports by $1 trillion.
In the Historical Perspective "The Corn Laws Controversy in 19th-Century England," the implication of David Ricardo's theory of differential rent is that
a. high rents were the main cause of high food prices in 19th-century England b. price is rent determining; rent is not price determining c. international trade ought to be restricted since it is instrumental in protecting landowners' rents d. land rents are part of the cost of food production e. differential land rents do not exist