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
Q2: If labour is the only variable resource
Q3: When both average and total product are
Q4: Costs incurred only when production occurs are
Q5: The law of diminishing marginal returns is
Q6: Which of the following is irrelevant for
Q7: Diminishing marginal returns are most compatible with:
A)economies
Q8: If average variable costs fall as output
Q9: In economic theory the costs of a
Q10: The average total costs of the firm
Q11: The short run as the term is
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