Which of the following is true at the point where diminishing returns set in?
a. Marginal product is at a minimum and marginal cost at a maximum.
b. Both marginal product and marginal cost are at a minimum.
c. Both marginal product and marginal cost are at a maximum.
d. Marginal product is at a maximum and marginal cost at a minimum.
d
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If workers who make DVDs get a pay raise, the equilibrium price of a DVD ________ and the equilibrium quantity of DVDs ________
A) rises; increases B) rises; decreases C) falls; decreases D) falls; increases
What are the three noteworthy labor market trends that Americans have experienced for about two decades?
Economists would describe the U.S. automobile industry as:
A. purely competitive. B. an oligopoly. C. monopolistically competitive. D. a pure monopoly.
The two economists associated with the development of the theory of monopolistic competition were
A) Joan Robinson and Edward Chamberlin. B) David Hume and Adam Smith. C) John Neville Keynes and John Maynard Keynes. D) Carl Menger and Eugen Von Bohm-Bawerk.