Phil found that as he continued to crowd laborers into his hot dog stand, the extra output he was receiving from each additional laborer was beginning to fall off. This is an example of the
A) law of increasing opportunities.
B) law of demand.
C) law of diminishing marginal utility.
D) law of diminishing product.
Answer: D
Economics
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The productivity curve shifts upward when
A) technology advances. B) physical capital increases. C) hours of labor increase. D) hours of labor decrease. E) human capital decreases.
Economics
Which of the following would empirically support the claim that slave owners were optimistic about the future of the slave system in the 1850s?
(a) Rising slave prices (b) An increasing demand for slaves (c) A positive net return to slave purchases (d) All of the above
Economics