If marginal utility is positive but diminishing, then total utility must be ________ as consumption of the good increases
A) decreasing
B) positive and rising at an increasing rate
C) positive and rising at a decreasing rate
D) positive and rising at any rate
C
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Over the last decade, a country experiences a significant increase in labor productivity
a. Draw and label a labor market supply and demand diagram. Show how the equilibrium real wage rate and the equilibrium quantity of labor change as productivity increases. b. Draw and label a production function. Show how potential GDP changes as labor productivity increases.
In the short-run production function, the following variables must be endogenous:
a. technology. b. labor input. c. capital input. d. b and c. e. none of the above.
Which of the following is inconsistent with the model of perfect competition?
a. ease of entry into an industry b. ease of exit from an industry c. many buyers and sellers in the industry d. advertising of product differences in the industry e. a horizontal demand curve facing each firm in the industry
A rightward shift in labor demand decreases the number of workers hired
a. True b. False Indicate whether the statement is true or false