The average-fixed-cost curve
a. is constant.
b. is always decreasing.
c. intersects marginal cost at the minimum of average fixed cost.
d. intersects marginal cost at the minimum of marginal cost.
b
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If there is a change in the ability of a firm to produce a given level of output with a given level of inputs, we say there is
A) an increase in labor productivity. B) a movement along a given per-worker production function. C) technological change. D) human capital investment.
As a result of emancipation,
(a) black labor force participation increased by 1/3. (b) black labor force participation declined by 1/3. (c) amazingly, black labor force participation remained essentially unchanged. (d) average wages of black workers rose well above those of their immigrant counterparts.
To trust a potential cooperator until the first defection and then never cooperate thereafter is
a. a dominant strategy b. an irrational strategy c. a grim trigger strategy d. a non-cooperative finite game strategy e. a subgame imperfect strategy
If the quantity demanded for labor is more than the quantity supplied, there will be unemployment
a. True b. False Indicate whether the statement is true or false