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
Q1: The short run as the term is
Q2: Costs incurred only when production occurs are
Q3: If labour is the only variable resource
Q4: When both average and total product are
Q5: Diminishing marginal returns are most compatible with:<br>A)Economies
Q6: Which of the following is irrelevant for
Q8: Which of the following statements describes the
Q9: Economies of scale exist if:<br>A)As the amount
Q10: Which of the following statements describes increasing
Q11: In economic theory the costs of a