Average variable costs:
A. decrease when marginal product rises, and increase when marginal product declines.
B. increase when marginal product rises, and decrease when marginal product declines.
C. increase when output declines, and decrease when output rises.
D. decrease when output declines, and increase when output declines.
A. decrease when marginal product rises, and increase when marginal product declines.
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According to the economic theory of labor markets, if unions are successful in raising wages, with no accompanying increase in labor productivity, then which of the following is true?
a. The quantity of labor demanded by profit-maximizing firms will decline. b. The quantity of labor demanded by profit-maximizing firms will increase. c. The quantity of labor supplied by workers will decline. d. There will be a shortage of labor in the unionized labor market.
Demand-pull inflation is associated with a(n)
a. decrease in the aggregate supply curve b. increase in the aggregate supply curve c. increase in the aggregate demand curve d. decrease in the aggregate demand curve e. decline in the availability of a productive resource
When you buy a United States Savings Bond, you
a. loan money to the government b. borrow money from a savings and loan association c. donate money for special government projects d. pay for your childs college education
What would it mean if a demand curve sloped upward and to the right?
A. Quantity demanded decreases as the price increases. B. There is no relationship between price and quantity demanded. C. Quantity demanded increases as the price decreases. D. Quantity demanded increases as the price increases.