Which of the following explains why the marginal cost curve has a U shape?
A) Initially, the average cost of production rises, then falls.
B) Initially, the marginal product of labor falls, then rises.
C) Initially, the marginal product of labor rises, then falls.
D) Initially, the average product of labor rises, then falls.
C
Economics
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The ratio of the increase in equilibrium real GDP to the increase in autonomous expenditure is called the
A) MPC. B) consumption function. C) MPS. D) multiplier.
Economics
The user cost of extracting a nonrenewable resource is:
A. inversely related to how much of the resource remains. B. directly related to how much of the resource remains. C. unrelated to how much of the resource remains. D. inversely related to the expected future price of the resource.
Economics