Which of the following explains most accurately why the firm's short-run marginal cost curve will eventually rise?
a. As more of the variable factor is used, its price will rise.
b. When diminishing marginal returns set in, it will take ever-larger quantities of the variable resources to produce an additional unit of output.
c. As the variable factor is used more intensely, its marginal product will rise, causing an increase in marginal costs.
d. As the size of the firm increases, the operational efficiency of the firm declines, causing an increase in marginal costs.
Question 2
The Employment Act of 1946:
a. guaranteed full employment.
b. allowed the federal government to hire as many people as it could to achieve full employment.
c. gave the federal government the power to levy an income tax.
d. imposed a responsibility on the federal government to promote maximum employment.
e. obligated the federal government to run budget surpluses to achieve full employment.
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