According to the production function, as the quantity of labor employed increases, real GDP increases
A) at an increasing rate.
B) at a decreasing rate.
C) at a constant rate.
D) and then eventually decreases.
E) until it reaches potential GDP, and then it no longer changes.
B
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Refer to Figure 13.2. If Oliver's political views place him at the L4 position and George's political views place him at the C4 position, Bobby's preference for mayor is
A) Oliver Cousins. B) George Glass. C) Bobby is indifferent between the two candidates. D) Bobby definitely does not like either candidate.
Firms with substantial monopoly power are quite common because many goods are unique
a. True b. False Indicate whether the statement is true or false
If a firm collects $80 in revenue when it sells 4 units, $100 in revenue when it sells 5 units, and $120 in revenue when it sells 6 units, then one can infer the firm is a(n):
A. perfect competitor. B. oligopolist. C. monopolist. D. monopolistic competitor.
Refer to the table shown. Marginal cost:Output(bicycles per week)Total cost (dollars)110022003310444055806730790081,200
A. decreases and then increases. B. never increases. C. increases and then decreases. D. never decreases.