Refer to the above table. At what quantity of labor does it become obvious that the law of diminishing marginal product has set in?
A. worker number 4
B. worker number 3
C. worker number 21
D. worker number 5
Answer: B
You might also like to view...
The M2 money supply
A) includes M1. B) is commonly referred to as the broad definition of the money supply. C) includes savings deposits. D) is larger than M1. E) all of the above
Americans generally spend more than _____ of their incomes on services.
A. one-third B. one-half C. two-thirds D. three-quarters
Refer to the scenario above. Which of the following statements is true of the model?
A) The model predicts that two additional years of education is likely to increase future earnings by 60 percent. B) The prediction of the model can be applied to unlimited years of additional education. C) The predictions of this model cannot be tested empirically. D) The prediction of the model is accurate and will hold for all individuals.
An important characteristic of private goods is
A) the nonexclusion principle. B) the principle of rival consumption. C) the principle of joint consumption. D) the principle of conspicuous consumption.