An increase in the wage rate will have a greater effect on average costs
a. the larger the proportion labor costs are of total costs and the easier it is to substitute capital for labor.
b. the larger the proportion labor costs are of total costs and the harder it is to substitute capital for labor.
c. the greater is the diminishing marginal product of labor.
d. the greater are returns to scale.
Question 2
For any given output level, a firm's long-run costs
a. are always greater than or equal to its short-run costs.
b. are usually greater than or equal to its short-run costs except in the case of diminishing returns to scale.
c. are always less than or equal to its short-run costs.
d. are usually less than or equal to its short-run costs except in the case of diminishing returns to scale.
The enhancement effect observed by Emerson.
Schematic depiction of the hydrophobic effect
Average Global Temperature Rise over the Past Century
Sample Workout in the Target Heart Rate Range
Factors Affecting the Environmental Lapse Rate (ELR): Heating or Cooling of the Lower Atmosphere
The average weight gain between Thanksgiving and New Year's Day is about a pound