Once a firm incurs diminishing marginal returns, total product will begin to decline as more of the variable input is employed
Indicate whether the statement is true or false
FALSE
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The above figure shows the payoff to two firms in an industry deciding to make an investment in worker safety. The dominant strategy for each firm
A) is to do the opposite of the other firm. B) is to make the investment. C) is to not make the investment. D) does not exist.
A resource's marginal product is
a. the revenue produced by one additional unit of that resource, other things constant b. the total output produced by one unit of that resource, other things constant c. the additional output produced by one additional unit of that resource, other things constant d. the total output divided by the number of units of that resource employed e. the total output times the number of units of that resource employed
Entrepreneurs care about:
A. only themselves. B. profits and solving problems. C. profits and prices. D. only profits.
With a monetary growth rule as proposed by the monetarists, during a recession the rate of growth of the money supply would
A) decrease. B) increase. C) not change. D) decrease or increase depending on economic conditions.