A firm has the following production relationship between labor and output, for a fixed capital stock.
According to the above table, at what usage of labor does diminishing marginal product begin?
A. 1
B. 2
C. 4
D. 5
Answer: C
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In the figure above, in which country do the highest-income 30 percent of households have the highest fraction of the nation's income?
A) Country A B) Country B C) Country C D) It is impossible to answer the question without more information.
A firm's fixed but avoidable costs are $100,000 and its variable costs are $250 per unit. It produces 50,000 units and prices it at $400 per unit. In the long-run, how low can price go before the firm decides to shut down?
a. $150 b. $252 c. $250.20 d. $400
In the long run, price elasticities of demand are usually ____
a. less than they are in the short run because people can adjust b. the same as they are in the short run because tastes don't change c. greater than they are in the short run because prices rise over time d. less than they are in the short run because real prices fall over time e. greater than they are in the short run because consumers have time to adjust
The actions of a miser benefit ____ and the actions of a philanthropist benefit ____
a. a select few; a wide range of individuals b. a wide range of individuals; a select few c. a wide range of individuals; a wide range of individuals d. a select few; a select few