If the marginal productivity of the sixth worker hired is less than the marginal productivity of the fifth worker hired, then the addition of the sixth worker causes total output to decline
a. True
b. False
Indicate whether the statement is true or false
False
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The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the marginal cost of the last gallon of milk produced is
A) $3.00 a gallon. B) $3.50 a gallon. C) $4.00 a gallon. D) $4.50 a gallon.
Which of the following is likely among the most concentrated industries in the United States?
A) printing and publishing B) soft drinks C) tobacco products D) household vacuum cleaners
One reason that helps to explain the law of demand is the law of
A) diminishing marginal utility. B) diminishing marginal returns. C) increasing opportunity costs. D) supply.
Microeconomics helps explain economic fluctuations, why the economy shrinks and expands and why some of the economy's resources are idle.
Answer the following statement true (T) or false (F)