A firm produces 60 units of output with 5 workers, 65 units with 6 workers, and 68 units with 7 workers. The firm's production function exhibits diminishing marginal productivity between 5 and 7 workers

a. True
b. False
Indicate whether the statement is true or false

True

Economics

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Which of the following statements is NOT true about Say's law?

A) Markets would be regularly hit by severe shortages and surpluses. B) People produce more goods than they want for their own use only if they seek to trade them for other goods. C) Desired expenditures will equal actual expenditures. D) Surpluses will be eliminated by falling prices and shortages will be eliminated by increasing prices.

Economics

It is true that the equilibrium quantity will always go up if supply:

A) and demand both increase. B) increases and demand decreases. C) and demand both decrease. D) decreases and demand remains unchanged.

Economics