At high wage rates, the labor supply curve bends backward because the ________ effect dominates the ________ effect

When people say, "government officials act on the basis of the property rights which they perceive," they mean

A) government officials are inherently conservative. B) government officials do not have to be concerned about information being scarce. C) government officials make decisions based on the expected consequences to themselves. D) government officials will ordinarily not confiscate property without due process of law.

State the law of diminishing returns. How do diminishing returns differ from diseconomies of scale? Be sure to define diseconomies of scale in your answer

What will be an ideal response?