Number of workersUnits of output00110230344455Table 8.1Refer to Table 8.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. Diminishing marginal returns set in with the addition of the:
A. third worker.
B. fourth worker.
C. fifth worker.
D. sixth worker.
Answer: A
Economics
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The Temporary Assistance for Needy Families (TANF) program _____.
(A) Provides benefits to a family for ten years. (B) Can only provide jobs for individuals in an enterprise zone. (C) Only provides cash assistance to poor families. (D) Provides work in exchange for temporary assistance.
Economics
If a firm is a price taker, then it can
a. sell below the market price and increase its economic profit b. sell all it wants at the market price c. sell above the market price and increase its economic profit d. supply the entire market e. choose its own price
Economics