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. ( )
内容
- 0
The traditional view of the production process is that capital is subject to A: Constant returns. B: Increasing returns. C: Diminishing returns. D: Diminishing returns for low levels of capital, and increasing returns for high levels of capital.
- 1
A competitive firm hires labor until the marginal product of labor equals the A: real wage. B: rental price of capital. C: price of output. D: capital/labor ratio.
- 2
Which of the following will increase the marginal product of labor in the labor market? A: An increase in the price level and the money wage. B: An increase in the real wage. C: A decrease in the capital stock. D: An increase in the supply of labor.
- 3
A competitive firm hires labor until the marginal product of labor<br/>equals the ____ A: real wage. B: rental price of capital. C: price of output. D: capital/labor ratio.
- 4
The utility function curve is convexed upwards, indicating that as<br/>the consumption of a certain commodity increases ( ) A: Increased marginal utility B: Increase in total utility C: Diminishing marginal utility D: Increase in average utility