Which of the following explains why the marginal cost curve has a U shape?
A) Initially, the average cost of production rises, then falls.
B) Initially, the marginal product of labor falls, then rises.
C) Initially, the marginal product of labor rises, then falls.
D) Initially, the average product of labor rises, then falls.
C
You might also like to view...
By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good
A) quantity; price; quantity B) quantity; price; price C) price; quantity; price D) price; quantity; quantity
Inferior Good
What will be an ideal response?
Which one of the following is NOT money?
A. Gold B. A dime C. A demand deposit D. A NOW account
Comparing factors that affect unemployment rates among modern industrial nations,
A. Germany and French workers can collect nearly 60 percent as much as they could earn working, thus discouraging the incentive to work. B. Japanese and American unemployment benefits are 70 percent as much as workers could earn working, thus encouraging the incentive to work. C. Over 90 percent of Japanese and American workers easily qualify for unemployment benefits. D. Less than 50 percent of German and French workers qualify for unemployment benefits.