Which of the following would indicate that a firm is facing diminishing marginal product?
a. marginal costs increase
a. average costs decrease
b. average total costs are flat
c. the level of output increases
a. marginal costs increase
You might also like to view...
Using the table, what is the marginal social cost when the market quantity supplied is 750 slices of pizza per month?
A) $3 B) $7 C) $9 D) $3.50
The use of the same cost of capital (risk adjusted discount rate) for all capital projects in a corporation
A) is usually the correct procedure. B) is incorrect since different divisions of the corporation may be faced with different levels of risk. C) is incorrect since different capital projects, even in the same division, may be faced with different levels of risk. D) Both B and C
Competitive labor markets see firms acting as though the marginal labor cost is constant
Indicate whether the statement is true or false
Which of the following groups has the lowest median income in the United States?
A. Married couples with both spouses working B. Female-headed families with no husband present C. Male-headed families with no wife present D. Married couple families with the wife not working