Answer the following questions true (T) or false (F)
1. The total cost schedule shows the relationship between different amounts of inputs and the resulting level of output.
2. If, after hiring the 6th worker, a firm's output falls, then the marginal product of the 6th worker is negative.
3. A downward sloping marginal product of labor curve demonstrates the law of diminishing marginal returns.
1. FALSE
2. TRUE
3. TRUE
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