The situation in which the marginal product of labor is greater than zero and declining as more labor is hired is called the law of:
a. negative response.
b. inverse return to labor.
c. diminishing returns.
d. demand.
c
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A(n) ________ variable is calculated from within the model. A(n) ________ variable can never be taken as given
A) endogenous; endogenous B) exogenous; endogenous C) endogenous; exogenous D) exogenous; exogenous E) none of the above
Many people believe that a monopolist can set his own price which consumers have little recourse but to pay, and thereby reap enormous profits. Is this true?
A burger bought by Joey from a restaurant is non-rival in consumption
a. True b. False Indicate whether the statement is true or false
An institutional change that is needed in most developing nations is:
A. The will to develop B. Reduced foreign aid C. Birth control D. Land reform