In which zone does the total physical product reach it maximum value?
a. Increasing marginal return
b. Negative marginal return
c. Diminishing marginal return
d. Decreasing total physical product
c
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A) exceeds; too little B) exceeds; too much C) is below; too much D) is below; too little E) equals; the efficient quantity of
A government subsidy paid to a firm i. increases the demand for the good. ii. has no effect on the supply of the good. iii. leads to an increase in the equilibrium quantity
A) i only B) i and ii C) ii only D) iii only E) i and iii
For a person who consumes only steak and lobster, the slope of the budget line is called the marginal rate of substitution between steak and lobster
Indicate whether the statement is true or false
The table shows the demand and supply schedules for student workers at on-campus venues. If the college introduces a strictly enforced minimum wage of $11.50 an hour,
who gains and who loses from the minimum wage, and is the campus labor market efficient or fair?