When a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor?
a. U-shaped
b. vertical
c. downward sloping
d. upward sloping
c
You might also like to view...
In January, 2,500 quarts of ice cream are sold in Boston at $2.50 a quart. In February, 3,000 quarts are sold at $2.00 a quart. This change in quantity sold and price may have been caused by
A. a reduction in wages in the Boston area. B. the introduction of labor-saving automated ice cream-packing machinery. C. the release of a medical study showing that ice cream consumption improves mental health. D. the decision by Boston ice cream sellers to eliminate discount coupons.
If smartwatches are considered substitutes for smartphones, the decline in the price of smartphones would, all else equal
A) increase the quantity of smartwatches demanded. B) decrease the quantity of smartwatches demanded. C) increase the demand for smartwatches. D) decrease the demand for smartwatches.
A consumer values a car at $525,00 . and a producer values the same car at $485,000 . If the transaction is completed at $510,000 . what amount of tax will result in unconsummated transaction?
a. A tax of $9,000 b. A tax of $14,000 c. A tax of $15,000 d. A tax of $18,000
If nominal GDP is $18 trillion and real GDP is $3 trillion, the GDP deflator is
A. 6. B. 21. C. 54. D. 600.