Which of the following is true regarding the marginal product of labor? [ad_1] Which of the following is true regarding the marginal product of labor? Select one: a. It declines as more capital is used. b. It rises as the product price falls. c. It rises as more labor is used. d. It declines as more labor is used. […]
Which of the following is true regarding the marginal product of labor? Read More »
Opportunity cost [ad_1] True or False (O or X) ( ) 1. Opportunity cost is included in the accounting cost. ( ) 2. Marginal Cost(MC) and Average Cost(AC) meet at the lowest MC. ( ) 3. Economies of Scope decreases production cost by increasing production. ( ) 4. Economies of Scale is the case for decreasing Long-Run Average Cost.
Explain using the Determinants of Price Elasticity of Demand. Make sure to analyze it using an “economic perspective”. [ad_1] MICROECONOMICS Elasticity deals with change and the degree of response to change. For example, if it is drizzling outside, you may continue to play golf, swim, or do yard work outdoors. The weather changed only slightly
What economic concept BEST explains why Senator Elizabeth Warren, an avid gardener, hires a professional landscaping firm to tend her garden? [ad_1] 1. Many experts believe the US PPC is not increasing as fast as it could. List 2 government policies/laws that would likely result in an increased US PPC over time. 2. Despite our extremely low