What concept implies that a firm's marginal revenue product curve for labor will slope downward in the short run?
a. diminishing marginal returns
b. the law of supply
c. the law of decreasing cost
d. the price equalization principle
A
Economics
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If the aggregate demand curve shifts ________ faster than the long-run aggregate supply curve, then ________ occurs
A) leftward; economic growth B) leftward; inflation C) rightward; economic growth D) rightward; inflation
Economics
The income elasticity of demand is ________ for a normal good and ________ for an inferior good
A) positive; positive B) positive; negative C) negative; positive D) negative; negative
Economics