Increasing marginal returns to labor
A) occur when a particularly efficient worker is employed.
B) describe the portion of a total product curve where the marginal product is negative.
C) mean that two workers produce less than twice the output of one worker.
D) are the result of specialization and division of labor in the production process.
E) occur only when there are increasing marginal returns to capital.
D
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Pencils are produced in the market economy
A) only because people need pencils. B) only because pencil production is centrally planned, from the growing of the trees and mining of the graphite to the final stages of pencil assembly. C) even though the final assemblers of pencils have no idea how to produce the paint, graphite, wood, rubber, and metal ferrules. D) by government decree.
For a monopsony, the labor supply curve
A) lies above the MCL curve. B) is the same as the MCL curve. C) lies below the MCL curve. D) is the same as the labor demand curve.
The ability to produce a good or service at a lower opportunity cost than other producers incur is known as
a. absolute advantage. b. comparative advantage. c. comparative specialization. d. absolute specialization.
A . Explain the difference between a closed shop and a union shop. b. Which of these would firms prefer? Why? c. Which of these would unions prefer? Why?