Sunk costs
a. can only be measured in monetary terms
b. are opportunity costs
c. should influence a person's choice if that person is a marginal decision maker
d. lower the efficiency of production
e. should not be considered when making economic decisions
E
Economics
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Explain how productivity growth has led to labor market realignment in the United States.
What will be an ideal response?
Economics
Refer to the information provided in the table below to answer the following question. Table 7.3
Refer to Table 7.3. Suppose output varies, ceteris paribus, with labor input in the following manner displayed above. After how many units of labor do diminishing returns set in?
A. 3 B. 4 C. 5 D. They do not set in.
Economics