If a firm is experiencing diminishing marginal returns to labor, then
a. total output must be decreasing
b. total output rises more slowly as additional workers are added
c. the firm must decrease the amount of labor it hires
d. total output per worker must be rising
e. the firm must be operating in the long run
B
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When did major currencies begin floating against each other, ending the Bretton Woods system?
What will be an ideal response?
Which of the following is a positive incentive?
A. deciding not to play golf due to rain B. making a donation to the Red Cross C. hiring 10 new workers as you decide to expand your operations D. offering a reward to anyone who finds your missing pet
A reduction in the tariff on imported steel would most likely benefit a. workers in the steel industry
b. the domestic consumers of steel. c. the domestic producers of steel. d. foreign producers at the expense of domestic consumers.
Which of the following statements about monetary policy is correct?
a. Whatever happens with aggregate supply and aggregate demand in the long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short and medium term. b. Whatever happens with aggregate supply and aggregate demand in the short run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the medium and long term. c. Whatever happens with aggregate supply and aggregate demand in the short and medium run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the long term. d. Whatever happens with aggregate supply and aggregate demand in the medium and long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short term.