When the total product curve is falling, the:
A. Marginal product of labor is zero
B. Marginal product of labor is negative
C. Average product of labor is increasing
D. Average product of labor must be negative
B. Marginal product of labor is negative
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"When a person has an absolute advantage in producing a good, the person necessarily has a lower opportunity cost of producing it." Is this assertion true or false?
What will be an ideal response?
The demand for gasoline is expected to be more elastic in the long run than in the short run
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. A major advantage of a partnership is the legal separation of personal and partnership assets. 2. In a corporate form of business enterprise, both profits and dividends are subject to income tax. 3. In determining what and how much to produce, the market economy works in a democratic manner based on dollar votes. 4. Government intervention in market economies was and is necessary to remedy the inequities that evolved from economic liberalism.
The opportunity cost of holding currency decreases when
A) income decreases. B) the interest rate on bonds decreases. C) the interest rate on money decreases. D) wealth decreases.