In a two-person exchange, if the price offered to the seller is less than the opportunity cost of production, the exchange will not take place.
Indicate whether the statement is true or false
Question 2
If labor is the only variable input, an increase in the quantity of labor:
a. does not have any effect on the quantity of output.
b. causes the output to increase initially at a diminishing rate and then at an increasing rate.
c. causes the output to increase at a constant rate till the last worker is hired.
d. causes the output to increase initially at an increasing rate and then at a decreasing rate.
e. causes the output to decrease at a constant rate till the last worker is hired.
Cation binding and exchange.
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