In general, the cost of an input:
A. decreases when you've reached the point of diminishing marginal product in your firm.
B. stays the same when you've reached the point of diminishing marginal product in your firm.
C. increases when you've reached the point of diminishing marginal product in your firm.
D. is minimized when you've reached the point of diminishing marginal product in your firm.
B. stays the same when you've reached the point of diminishing marginal product in your firm.
You might also like to view...
What is the Ricardo-Barro effect and how does it modify the crowding-out effect?
What will be an ideal response?
In order to be successful in a market economy, entrepreneurs must
What will be an ideal response?
In the basic Keynesian model, an increase in transfer payments:
A. reduces short-run equilibrium output. B. increases potential output. C. increases short-run equilibrium output. D. reduces potential output.
which is correct?
Federal Reserve notes are an asset to the Federal Reserve. Gold is a liability to the Federal Reserve. Foreign exchange is an asset to the Federal Reserve.