The above table shows the short-run total product schedule for the campus book store. When the fifth employee is hired, the marginal product is ________ and is ________ the average product
A) increasing; greater than
B) increasing; less than
C) decreasing; greater than
D) decreasing; less than
C
You might also like to view...
If the world real interest rate were 6% and the domestic real interest rate in Estonia was 4%, borrowers in Estonia would borrow at the rate of ________ and lenders in Estonia would lend at the rate of ________
A) 6%; 6% B) 6%; 4% C) 4%; 6% D) 4%; 4%
The consumption function is a graphical representation of the relationship between _____
a. real gross domestic product and aggregate expenditure b. nominal gross domestic product and consumer expectations about future prices c. nominal gross domestic product and the rate of inflation d. gross national product and the exchange rate
In which industry or sector of the economy is output least likely to be affected by the business cycle?
A. Capital goods production B. Agricultural commodities C. Automobile production D. Housing construction
Which one of the following do economists consider to be a stock?
A. Salaries B. Wages C. Money D. Income