Answer the following statements true (T) or false (F)
1) In a two-input production function, labor is variable in both the short run and long run.
2) Firms typically experience decreasing marginal returns to labor before they are able to enjoy increasing marginal returns to labor.
3) It is not possible for the marginal return of labor to be negative.
4) In general, as employment increases, the marginal return to labor increases and then decreases as employment continues to increase.
5) The marginal product of capital follows the same behavior as the marginal product of labor: it rises to a maximum and then falls.
1) TRUE
2) FALSE
3) FALSE
4) TRUE
5) TRUE
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