As output increases, total variable cost:
A. increases more rapidly than does total cost.
B. increases continuously at a decreasing rate.
C. increases at a decreasing rate and then at an increasing rate.
D. increases at a constant rate.
Answer: C
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Income generated by a nation's domestic production
a. is less than its domestic production. b. is equal to its domestic production. c. is greater than its domestic production. d. could be less than, equal to, or greater than its domestic production.
Answer the following statement true (T) or false (F)
1) The principal-agent problem in labor markets arises because of the possibility of shirking by workers. 2) Efficiency wages are established at below-equilibrium levels. 3) Human capital investment refers to spending on education and worker training. 4) Noncompeting groups of workers are the result of geographic immobilities. 5) Shirking refers to the behavior of workers who provide less-than-expected effort on the job.