At the Amarillo Piano Company, the average product of labor stays constant at 5, regardless of how much labor is employed. This implies that:
A. There are no fixed costs
B. This firm can never maximize its profits
C. The marginal product of labor is constant
D. Labor exhibits diminishing marginal returns
C. The marginal product of labor is constant
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An American farmer today feeds over ______ people.
A. 15 B. 30 C. 50 D. 100
Which entity produces the greatest proportion of U.S. gross national product?
A) government B) non-profit organizations such as hospitals C) firms D) universities
Voluntary programs, direct controls, and emissions taxes are all equally effective ways of controlling pollution
a. True b. False Indicate whether the statement is true or false
If utility is not maximized, then:
A. some change in consumption will increase satisfaction. B. no change in consumption will increase utility. C. only a change in income will increase utility. D. only a change in price will increase utility.