When the marginal product of labor rises
A) the marginal cost of production will exceed the average total cost.
B) the marginal cost of production also rises.
C) the average total cost of production also rises.
D) the marginal cost of production falls.
D
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Specialization of labor means that: a. production requires a special kind of labor
b. the overall skill level of labor is increasing over time. c. individuals produce goods that they are relatively good at producing and trade for those that they do not produce. d. individuals achieve self-sufficiency in production by producing all the goods that they require. e. exchange within the economy consists of trading in services.
In 2009 Greece's budget deficit rose and people became worried about the ability of the Greek government to make payments on its debt. Which of the these events reduces a country's real exchange rate?
a. an increase in the budget deficit, and increased concerns about the ability of the government to pay back its debt b. an increase in the budget deficit, but not increased concerns about the ability of the government to pay back its debt c. increased concerns about the ability of the government to pay back its debt, but not an increase in the budget deficit d. neither an increase in the budget deficit, nor increased concerns about the ability of the government to pay back its debt
Which of the following is not an example of barriers to entry?
(A) In some counties, laws require retail stores to be closed on Sundays. (B) Cable companies must lay miles of underground cable before they can serve a single customer in a new market. (C) An entrepreneur who wants to own a clothing store must rent a building, hire workers, and buy clothing to sell. (D) A person who wishes to practice medicine is required to attend medical school, do an internship, and pass a state exam.
When there are just a few firms in the industry, the industry structure is most likely to be:
A. a perfectly competitive industry. B. an oligopoly market. C. a monopoly market. D. a natural monopoly market.