Multiple Choice
The total product curve may initially show output increasing at an increasing rate as more labour is hired because of the:
A) declining quality of the labor force.
B) principle of comparative advantage.
C) law of diminishing marginal returns.
D) increase in marginal physical product.
Correct Answer:
Verified
Correct Answer:
Verified
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Q2: Marginal costs and average variable costs are
Q3: Costs incurred only when production occurs are
Q4: Utility is the concept which is:<br>A)Objective<br>B)Subjective<br>C)Both<br>D)None
Q5: Change in utility resulting from one unit
Q7: If labour is the only variable resource
Q8: In economic theory the costs of a
Q9: Which of the following is irrelevant for
Q10: Diminishing marginal returns are most compatible with:<br>A)economies
Q11: Saturation point is the point where:<br>A)TU =