Labor S Marginal Product Curve At First Rises In The Short Run Due To A Increasing Returns To Scale B Declining Labo 1 (37.02 KiB) Viewed 14 times
Labor S Marginal Product Curve At First Rises In The Short Run Due To A Increasing Returns To Scale B Declining Labo 2 (22.98 KiB) Viewed 14 times
Labor's marginal product curve at first rises in the short-run due to: a. Increasing returns to scale. b. Declining labor costs. Oc. Increasing efficiency of capital. d. Increasing profits from additional output produced and sold. e. Increasing specialization of labor.
$P 15 OF 10 MC 40 AC AVC 9 Suppose that the above diagram depicts the cost structure of a firm in a competitive industry. If the market price of the good is $11, then the firm would: a. be making a negative economic profit (at its profit maximizing output level) if it remained open and did not shut-down O b. stay open in the sort-run but then shut-down in the long run O c. would maximize profits by producing 40 units of output Od. All of the above Oe. None of the above
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!