When the marginal product of labor rises
A) the marginal cost of production will exceed the average total cost.
B) the marginal cost of production also rises.
C) the average total cost of production also rises.
D) the marginal cost of production falls.
D
Economics
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Utility is the set of numerical values that
A) yields an absolute level of pleasure from a bundle of goods. B) reflects the relative ranking of various bundles of goods. C) describes how much more a consumer prefers one bundle to another. D) yields a cardinal ranking of bundles.
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Although economists use different methods to calculate GDP, each method should lead to the same number for GDP
a. True b. False
Economics