Which of the following describes how output changes in the short run? Because of specialization and the division of labor, as more workers are hired
A) output will first decrease at an increasing rate, then increase at a decreasing rate.
B) the marginal product of labor will first be negative and then will be positive.
C) output will first increase at an increasing rate, then output will increase at a decreasing rate.
D) the marginal product of labor will first decrease, then increase at a decreasing rate.
C
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When graphed, variables that are unrelated are shown by either a horizontal or a vertical line
Indicate whether the statement is true or false
If a firm is producing no output in the short run, then its total costs are zero
Indicate whether the statement is true or false
Product differentiation allows a firm to charge a higher price because the residual demand curve facing the firm
A) is more elastic than the residual demand curve without product differentiation. B) is less elastic than the residual demand curve without product differentiation. C) is horizontal. D) shifts to the left.
A conservative philosophy of land distribution would not support which of the following?
a. High minimum acreage rules for people buying land b. High minimum prices for land c. Credit payments for the land