The table above shows the total product schedule for The X Firm. Increasing marginal returns occur until the ________ worker because ________
A) 4th; the marginal product of the 4th worker exceeds the 3rd worker, but not the 5th worker
B) 5th; output is maximized
C) 5th; output declines with the 6th worker
D) 3rd; the average product of labor is also increasing
E) 4th; the average product of labor is also increasing
A
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If a good is imported into (large) country H from country F, then the imposition of a tariff in country H
A) raises the price of the good in both countries (the "Law of One Price"). B) raises the price in country H and cannot affect its price in country F. C) lowers the price of the good in both countries. D) lowers the price of the good in H and could raise it in F. E) raises the price of the good in H and lowers it in F.
The consequences of price discrimination are
a. Consummate more transactions b. Extract more consumer surplus c. Increase producer surplus d. All of the above