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:
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Q1: Which of the following statements describes the
Q2: Which of the following statements describes increasing
Q3: Economies of scale exist if:
A)As the amount
Q5: If labour is the only variable resource
Q6: When both average and total product are
Q7: Costs incurred only when production occurs are
Q8: Which of the following is irrelevant for
Q9: Diminishing marginal returns are most compatible with:
A)Economies
Q10: In economic theory the costs of a
Q11: The short run as the term is
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