If labour is the only variable resource and its marginal physical product falls as more workers are hired:
A) The law of diminishing marginal returns is at work.
B) Marginal cost is rising.
C) Average cost may still be declining.
D) Average physical product may still be rising.
Correct Answer:
Verified
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
Q4: The total product curve may initially show
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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