The slope of the total production curve becomes:
A. steeper when marginal product increases, typically at low levels of input.
B. flatter when marginal product increases, typically at high levels of input.
C. steeper when marginal product decreases, typically at high levels of input.
D. flatter when marginal product decreases, typically at low levels of input.
A. steeper when marginal product increases, typically at low levels of input.
You might also like to view...
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one kite is painting
A) 1/12 of a snowboard. B) 1/8 of a snowboard. C) 1/3 of a snowboard. D) 3 snowboards.
Suppose there is an unexpected increase in real interest rates. Using the AD/AS model, describe the effects of this policy in the long run and the short run, assuming everything else equal
One principal advantage of the corporations is that owners:
A. are sole proprietors. B. are not taxed for income received. C. have limited liability. D. always control the company.
Figure 14.6 represents the market for health insurance. Suppose there are two types of consumers, low-cost consumers with $2,000 average medical expenses per year, and high-cost customers with $4,000 average medical expenses per year. Initially the insurance companies estimate that 40% of its customers are high-cost type. Compared to the outcome with pessimistic expectations, how many more customers buy health insurance?
A. 500 B. 1,300 C. 1,500 D. 1,600