Refer to Figure 11-3. For what quantity of labor does production start to display diminishing returns?
A) for more than 1 units of labor B) for more than 4 units of labor
C) for more than 5 units of labor D) for more than 8 units of labor
B
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Answer the following statement(s) true (T) or false (F)
1. When a two-part tariff is perfectly implemented, the monopoly charges a price that is greater than its marginal cost. 2. For a given quantity, a monopoly's marginal revenue is always greater than the price associated with that quantity. 3. When regulating a natural monopoly one should set the regulatory price such that the monopoly will produce the efficient level of output. 4. Deadweight loss because of a monopoly can be attributed to the fact that monopolies produce at a quantity where the price of the good exceeds the marginal cost of producing the last unit. 5. When there are significant differences among customers, a monopolist will look for opportunities to price discriminate.
The ________ hypothesis claims that differences in natural environment such as climate, and ecology are ultimately responsible for the major differences in prosperity observed around the world
A) climate B) location C) ecology D) geography
Jake, Sr. sells the family business, a factory that produces snake oil, to Jake, Jr., for $100, even though the factory has been assessed at $400,000. How will this transaction affect GDP?
A. Investment will increase by $100. B. GDP will not be affected by the transaction. C. Consumption will increase by $400,000. D. Investment will increase by $400,000.
Use the following table to answer the question below. Jane's Production Possibilities SchedulePounds of Green BeansPounds of Corn08020604040602080 0Jane's opportunity cost of producing 1 pound of green beans is ________ pound(s) of corn.
A. 4 B. 1/2 C. 1 D. 2