The table above shows the total product schedule for The X Firm. Decreasing marginal returns occur with the ________ worker because ________
A) 5th; the marginal product of labor for the 5th worker is less than the marginal product of the 4th worker
B) 5th; the average product of labor is also declining
C) 4th; output reaches is maximum
D) 6th; output starts to decline
E) 6th; the marginal product of labor is greater than the average product of labor
A
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Refer to the table above. In autarky the relative price of X (in terms of Y) in A would be
A) 3/4. B) 4/3. C) 3/9. D) $3.
In a circular-flow model, households supply all of the following except
a. labor b. goods and services c. capital d. entrepreneurial ability e. natural resources
If the Fed wishes to reduce inflation then it should
a. increase the discount rate. b. decrease reserve requirements. c. buy government securities on the open market. d. Do any of the above.
The ______ curve determines the shape of the average variable cost and average total cost curves.
a. marginal cost b. marginal utility c. cost consumption d. average fixed cost