Refer to Figure 8.1. The lawn mower company's total-product curve shows the following:
A: the effects of labor specialization.
B: the effects of diminishing returns.
C: the effects of labor specialization and diminishing marginal product
D: none of the above.
A: the effects of labor specialization.
B: the effects of diminishing returns.
C: the effects of labor specialization and diminishing marginal product
D: none of the above.
举一反三
- Refer to Figure 8.1. The lawn mower company's total-product curve shows the following:
- Refer to Figure 8.1. The marginal product of the second worker is ________ lawns moved.572c629de4b0809f2415ac86.png
- Which of the following statements is correct? A: The value of the marginal product curve is the labor demand curve for competitive, profit-maximizing firms. B: A competitive, profit-maximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage. C: By hiring labor up to the point where the value of the marginal product of labor equals the wage, the firm is producing where price equals marginal cost. D: All of the choices are correct.
- A firm will hire a worker whenever that worker's marginal product of labor is:() A: greater<br/>than the marginal product of labor for the next best worker. B: less<br/>than the marginal product of labor for the next best worker. C: greater<br/>than the worker's wage. D: less<br/>than the worker's wage.
- Asa factory increases its output,the<br/>average total cost of producing the product goes down. It illustrates<br/>the law of diminishing returns. ( )