Which of the following is true at the point where diminishing returns set in?
a. Both marginal product and marginal cost are at a maximum.
b. Both marginal product and marginal cost are at a minimum.
c. Marginal product is at a maximum and marginal cost is at a minimum.
d. Marginal product is at a minimum and marginal cost is at a maximum.
c
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Borda count is a voting method often used in polls that rank sports teams
a. True b. False Indicate whether the statement is true or false
If average labor productivity increases while population and the number of employed workers remain constant, then total output:
A. decreases. B. may increase or decrease. C. remains constant. D. increases.
Union leaders who focus on increasing the size of their union will be aggressive in demanding higher wages.
Answer the following statement true (T) or false (F)
A firm that shuts down in the short run experiences losses equal to
A. total fixed costs. B. zero. C. total variable costs. D. total marginal costs.