Diminishing marginal returns to labor means
A) that each additional worker costs more.
B) that each additional worker produces less than the previous worker.
C) that each additional worker costs less.
D) that total product grows at a constant rate when workers are added to production.
B
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Everything else equal, when domestic currency appreciates against a foreign currency:
A) the nominal exchange rate goes u
An asset whose value is based on the value of another asset is called a:
A. derivative. B. dividend. C. stock. D. bond.
An oligopolistic firm that is part of a collusive agreement is less likely to cheat
a. the more punishment it expects if the cheating is detected b. the lower is the possibility of detection c. the less likely is the collapse of the entire agreement as a result of cheating d. the greater is the additional profit from charging a lower price than the other firms e. the higher is the chance of taking customers away from competitors by charging a lower price
An institution that collects funds from lenders and distributes these funds to borrowers is called
A) a financial intermediary. B) the Federal Reserve System. C) a mercantile exchange. D) a currency market.