The marginal revenue product of labor declines as the number of workers increases because
A) firms hire the most efficient workers first and the least efficient workers last.
B) firms must lower prices for the final product when they want to sell more units.
C) of the law of diminishing marginal product.
D) of diseconomies of scale.
Answer: C
Economics
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Explain why the production and milling of hot steel has a high volumetric interdependence?
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Refer to the graph above. Suppose that its shows the S and D graphs in a market where usage of the product generates a lot of external benefits. In this case, the government should use its coercive power to make:
A. The supply curve shift to the left
B. The supply curve shift to the right
C. The demand curve shift to the left
D. The demand curve shift to the right
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