Multiple Choice
As firms gradually acquire ever more technology, machinery and equipment, workers' productivity gradually ________, and workers wages gradually ________.
A) rises, decrease
B) diminishes, decrease
C) diminishes, increase
D) rises, increase
Correct Answer:
Verified
Correct Answer:
Verified
Q15: Which of the following statements is true<br>A)oligopolies
Q16: The price paid for any factor of
Q17: The property of diminishing marginal product applies:<br>A)only
Q18: Microeconomic theory assumes that all firms maximize
Q19: Factors of production are:<br>A)the coefficients in a
Q21: _ is situation in which a single
Q22: In the long run, a constant cost
Q23: In the long run, a perfectly competitive
Q24: The larger the number of firms in
Q25: Profit maximization for a perfectly competitive firm