Answer the following questions true (T) or false (F)
1. If average product is decreasing, then marginal product must be negative.
2. If a firm experiences diminishing returns its marginal product must be negative.
3. The additional output a firm produces by hiring one more worker is called the marginal product of labor.
1. FALSE
2. FALSE
3. TRUE
Economics
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The higher opportunity cost of obtaining an education in developing countries is one of the reasons that school enrollments are lower
a. True b. False Indicate whether the statement is true or false
Economics
Figure 4-22
Refer to . The price paid by buyers after the tax is imposed is
a.
$1.00.
b.
$3.50.
c.
$5.00.
d.
$6.00.
Economics