Which situation is most likely to exhibit diminishing marginal returns to labor?
A) a factory that obtains a new machine for every new worker hired
B) a factory that hires more workers and never increases the amount of machinery
C) a factory that increases the amount of machinery and holds the number of worker constant
D) None of these situations will result in diminishing marginal returns to labor.
B
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The economic principle of _________________ implies that the value of the subject property is determined by the price that market participants would pay to acquire a substitute property of similar utility and desirability,
Fill in the blank(s) with the appropriate word(s).
In Belgium, Norway, and Sweden, the percentage of workers who belong to unions is
a. almost zero. b. less than it is in the United States. c. about the same as it is in the United States. d. greater than it is in the United States.