In the one-input model of production, increasing marginal product implies non-convexity of the producer choice set.
Answer the following statement true (T) or false (F)
True
Rationale:
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? Assume that Figure 4-4 shows demand for MP3 players. An increase in the price of music downloads changes demand from
A. D1to D2. B. D2to D1. C. D2to D3. D. D1to D3.
The above figure shows the market for finish carpenters in Bozeman. There is a minimum wage set at $18
Compared to the initial equilibrium without the minimum wage, once the minimum wage is in place, and after taking account of job search, the total workers' surplus ________ and the total firms' surplus ________. A) decreases; increases B) increases; increases C) increases; decreases D) does not change; increases E) decreases; decreases
Which of the following items is included in U.S. GDP?
a. the estimated value of production accomplished at home, such as backyard production of fruits and vegetables b. the value of illegally-produced goods and services c. the value of cars and trucks produced in foreign countries and sold in the U.S. d. None of the above is included in U.S. GDP.
Resource substitutes are resources that enhance one another's productivity, a decrease in the price of one resource increases the demand for the other
Indicate whether the statement is true or false