Refer to the table above. Diminishing marginal returns sets in when:
A) the second worker is hired.
B) the fourth worker is hired.
C) the fifth worker is hired.
D) the seventh worker is hired.
B
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A supply curve generally
a. is a straight horizontal line. b. is a straight vertical line. c. slopes downward to the right. d. slopes upward to the right.
When property rights are clearly defined, there is generally a
A) law that must be passed to ensure fairness. B) regulatory agency that handles externalities. C) common property problem. D) voluntary agreement that can be reached.
Right or wrong, using the expenditure approach to GDP will show a net increase in GDP because of the 2005 Hurricanes
a. True b. False
During the twentieth century, the real income of the average American grew by a factor of more than seven
a. True b. False Indicate whether the statement is true or false