Author Question: In a two-person exchange, if the price offered to the seller is less than the opportunity cost of ... (Read 30 times)

ishan

  • Hero Member
  • *****
  • Posts: 546
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.



yeungji

  • Sr. Member
  • ****
  • Posts: 319
Answer to Question 1

T

Answer to Question 2

d



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

If you could remove all of your skin, it would weigh up to 5 pounds.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

Opium has influenced much of the world's most popular literature. The following authors were all opium users, of varying degrees: Lewis Carroll, Charles, Dickens, Arthur Conan Doyle, and Oscar Wilde.

Did you know?

When blood is exposed to air, it clots. Heparin allows the blood to come in direct contact with air without clotting.

For a complete list of videos, visit our video library