If a firm experiences diminishing marginal productivity of labor, the marginal product
a. increases as total product increases.
b. decreases as total product increases.
c. increases as total product decreases.
d. decreases as total product decreases.
b
You might also like to view...
Economic profits will take into account: a. explicit costs but not implicit costs. b. implicit costs but not explicit costs. c. both implicit and explicit costs
d. neither explicit nor implicit costs.
The degree of international capital mobility is affected by:
a. The value of the domestic currency. b. Central bank capital controls. c. The monetary base. d. The money supply. e. The quantity of domestic currency traded per time period.
The rational expectations theorists have taken up two key items on the conservative economists' agenda: (1) _________ and (2) ____________.
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is true?
A. The average of an exponential time series is a linear function of time. B. The average of a linear sequence is an exponential function of time. C. When a series has the same average growth rate from period to period, it can be approximated with an exponential trend. D. When a series has the same average growth rate from period to period, it can be approximated with a linear trend.