question
if the marginal product of labor for a firm decreases as more workers are hired, we know that
answer
the gains from specialization are exhausted
question
as a firm produces more units of a good, its
answer
fixed costs remain constant in the short run and its variable costs rise
question
marginal cost of the third unit of output is
answer
$60
question
Which of the following is a variable cost to a business?
answer
both b and c
question
suppose a given marginal cost curve starts out downward sloping and at some point turns upward. The point at it turns upward is the point which
answer
diminishing marginal return sets in
question
Gerald owns a factory that produces, among other things, wheelbarrows. He currently has 7 employees, with 7 employees, his factory can produce 12 wheelbarrows per day. If he hired an eighth employee, he'd be able to produce 16 wheelbarrows per day. Therefore, the marginal product of the eighth employee is _______ wheelbarrows.
answer
8
question
Vanessa owns a horse ranch. Her total costs are $550,000 per year, and her fixed costs $205,000 per year. This means that her variable costs are ________.
answer
$345,000
question
If a firm experiences diminishing marginal product of labor, its marginal cost
answer
increases at an increasing rate
question
If a firm hires another worker and her marginal product of labor is ________ know that the form's output is
answer
decreasing
question
Diminishing marginal returns set in with the addition of which unit of the variable input?
answer
the fifth
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