Diminishing marginal product suggests that the marginal
a. cost of an extra worker is unchanged.
b. cost of an extra worker is less than the previous worker's marginal cost.
c. product of an extra worker is less than the previous worker's marginal product.
d. product of an extra worker is greater than the previous worker's marginal product.
c
Economics
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A hyperinflation is
A) a period of extreme inflation generally greater than 50% per month. B) a period of anxiety caused by rising prices. C) an increase in output caused by higher prices. D) impossible today because of tighter regulations.
Economics
Externalities can cause the market mechanism to
a. malfunction. b. improve. c. operate efficiently. d. move up toward the production possibility curve.
Economics