The more human capital workers have, the:
A. more productive they are.
B. more technology they will require for their job.
C. lower the value of their marginal product.
D. less productive they are.
Answer: A
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Which of the following statements best describe the price, output, and profit conditions of monopoly?
a. Price will equal marginal cost at the profit-maximizing level of output and profits will be positive in the long-run. b. Price will always equal average variable cost in the short-run and either profits or losses may result in the long run. c. In the long-run, positive economic profit will be earned. d. All of these are true.
An example of a tax specifically designed to reduce consumption of a good is a tax on:
A. automobiles. B. dairy products. C. gasoline. D. fast food.