The marginal cost curve:
A. is U-shaped.
B. rises when marginal product falls, and falls when marginal product rises.
C. intersects ATC at the average total cost curve's minimum.
D. All of these are true.
D. All of these are true.
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In the market for labor:
A. individuals make up the demand. B. firms create the supply. C. the price in the market is the wage. D. individuals are never paid above their productivity.
Population density varies little between the fifty states
a. True b. False Indicate whether the statement is true or false
If the number of stages between input production and final product production increases then:
a. GDP and GNP both rise. b. GDP and GNP both fall. c. GDP and GNP both remain unchanged. d. GDP rises and GNP falls. e. GDP falls and GNP rises.
To be successful, a cartel must
a. find a way to encourage members to produce more than they would otherwise produce. b. agree on the total level of production for the cartel, but they need not agree on the amount produced by each member. c. agree on the total level of production and on the amount produced by each member. d. agree on the prices charged by each member, but they need not agree on amounts produced.