Author Question: Which of the following describes how output changes in the short run? Because of specialization and ... (Read 45 times)

kodithompson

  • Hero Member
  • *****
  • Posts: 566
Which of the following describes how output changes in the short run? Because of specialization and the division of labor, as more workers are hired
 
  A) output will first decrease at an increasing rate, then increase at a decreasing rate.
  B) the marginal product of labor will first be negative and then will be positive.
  C) output will first increase at an increasing rate, then output will increase at a decreasing rate.
  D) the marginal product of labor will first decrease, then increase at a decreasing rate.

Question 2

Consumers in a monopolistically competitive market do not receive any consumer surplus because the price paid for the product exceeds the marginal cost of production.
 
  Indicate whether the statement is true or false


dyrone

  • Sr. Member
  • ****
  • Posts: 322
Answer to Question 1

C

Answer to Question 2

FALSE



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

The B-complex vitamins and vitamin C are not stored in the body and must be replaced each day.

Did you know?

Fewer than 10% of babies are born on their exact due dates, 50% are born within 1 week of the due date, and 90% are born within 2 weeks of the date.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

Signs and symptoms of a drug overdose include losing consciousness, fever or sweating, breathing problems, abnormal pulse, and changes in skin color.

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

For a complete list of videos, visit our video library