Back Labor Economics... 38. According the law of diminishing return A. The marginal product of a variable factor eventua

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Back Labor Economics 38 According The Law Of Diminishing Return A The Marginal Product Of A Variable Factor Eventua 1 (28.85 KiB) Viewed 26 times

Back Labor Economics... 38. According the law of diminishing return A. The marginal product of a variable factor eventually falls as more units of it are added to a fixed factor B. Marginal utility falls as more units of a product are consumed C. The total product falls as more units of a variable factor are added to a fited factor D. The marginal product eventually increases as more units of a variable factor are added to a fixed factor 39. The law of diminishing returns assumes A. There are no fixed factors of production B. There are no variable factors of production C. Utility is maximized when marginal product falls D. Some factors of production are fixed 40. When internal economies of scale occur A. Total costs fall B. Marginal costs must increase C. Average costs fall D. Revenue falls Page 7 of 9 41. If marginal cost is positive and falling A. Total cost is falling B. Total cost is increasing at a falling rate C. Total cost is falling at a decreasing rate D. Total cost is increasing at an increasing rate 42. If marginal product is below average product: A. The total product must fall B. The average product will fall C. Average variable costs will fall D. Total revenue will fall 43. An increase in the wage rate: A. Will usually lead to more people employed B. Will decrease total earnings of employees if the demand for labour is wage elastic C. Is illegal in a free market D. Will cause a shift in the demand for labour