Refer to the information provided in the table below to answer the following question. Table 7.3
Refer to Table 7.3. Suppose output varies, ceteris paribus, with labor input in the following manner displayed above. After how many units of labor do diminishing returns set in?
A. 3
B. 4
C. 5
D. They do not set in.
Answer: D
Economics
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In the above table, the average fixed cost at 4 units of output is
A) $1.00. B) $4.50. C) $4.70. D) $4.80.
Economics
The monetary base consists of:
A) currency plus reserves. B) currency plus required reserves. C) currency plus excess reserves. D) currency plus demand deposits.
Economics
Economies of scale exist whenever long-run average costs:
A. decrease as output is increased. B. remain constant as output is increased. C. increase as output is increased. D. None of the statements is correct.
Economics
Commercial banks are able to create money because
What will be an ideal response?
Economics