One worker produces 5 rocking chairs. To produce 10 rocking chairs it will be necessary to hire more than two workers, if diminishing returns have set in.
Answer the following statement true (T) or false (F)
True
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On any given day, a salesman can earn $0 with a 40% probability, $100 with a 40% probability, or $300 with a 20% probability. His expected earnings equal
A) $0. B) $100 because that is the most likely outcome. C) $100 because that is what he will earn on average. D) $200 because that is what he will earn on average.
The development of game theory was the work of
a. Joan Robinson and Edward Chamberlin. b. John von Neumann and Oskar Morgenstern. c. Wassily Leontief and Joseph Schumpeter. d. John Maynard Keynes.
For an economist, the idea of making assumptions is regarded generally as a
a. bad idea, since doing so leads to the omission of important ideas and variables from economic models. b. bad idea, since doing so invariably leads to data-collection problems. c. good idea, since doing so helps to simplify the complex world and make it easier to understand. d. good idea, since economic analysis without assumptions leads to complicated results that the general public finds hard to understand.
The above graph is
A. the demand for labor.
B. the supply of labor.
C. the supply of capital.
D. the demand for capital.