Applying a price of labor to the law of diminishing returns generates
a. the law of increasing costs
b. less output as more labor is hired
c. differences in the quality of labor
d. a negatively-sloped labor supply curve
e. specialization and the division of labor
A
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Define the terms "economies of scale," "constant returns to scale," and "diseconomies of scale." Among these three situations, operating in which stage is likely to be most profitable for a firm?
What will be an ideal response?
For a common resource, the equilibrium with no government intervention is such that ________ is less than ________
A) marginal private cost; marginal social benefit B) marginal social benefit; marginal social cost C) marginal private benefit; marginal social benefit D) total social benefit; total social cost
On the graph above, if the U.S. economy is at point B in 2009, then the economy in 2010 is best represented by point ________
A) A B) B C) C D) D E) any of the labeled points is as good as the others
Although the U. S. airline industry has only a relatively small number of sellers, the market is nevertheless highly competitive. The reason is that:
A. the number of buyers is very large. B. due to fierce competition, no firm has significant control over the quantity supplied. C. most airline routes are served by relatively many sellers. D. due to fierce competition, no firm has significant control over prices.