Which of the following is not true when the firm experiences diminishing marginal product?
A. The total product is decreasing.
B. The marginal product of the previous worker is higher than the current worker.
C. The firm is operating in the short run.
D. The firm's total cost is increasing.
Answer: A
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A substantial amount of trade between industrialized countries is intraindustry or intrafirm trade rather than interindustry trade
Indicate whether the statement is true or false
Which of the following is the formula used for computing economic profits?
A. economic profits = total revenue - implicit costs B. economic profits = total costs - total revenue C. economic profits = total revenue - (implicit costs + explicit costs) D. economic profits = total revenue - explicit costs
From the perspective of consumers, a quota is preferred to a tariff
Indicate whether the statement is true or false
A natural monopoly occurs when the? long-run average cost curve lies entirely above the demand curve of the typical firm in a? two-firm market.
A natural monopoly occurs when the? long-run average cost curve lies entirely
the demand curve of the typical firm in a? two-firm market.