Author Question: Which of the following describes how output changes in the short run? Because of specialization and ... (Read 53 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?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Thyroid conditions may make getting pregnant impossible.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

Nitroglycerin is used to alleviate various heart-related conditions, and it is also the chief component of dynamite (but mixed in a solid clay base to stabilize it).

For a complete list of videos, visit our video library