If a firm has increasing returns to scale at all levels of output, the
a. slope of its long-run total cost curve is always negative.
b. slopes of its short-run average cost curves are always negative.
c. slope of its long-run average cost curve is always negative.
d. slope of its production function is always negative.
c
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An avocado orchard employs five full-time workers. Currently, the average product of labor is 120 pounds of avocados per day. The orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados
The average product of the six workers will now be A) equal to 120 pounds. B) greater than the marginal product of labor. C) more than 120 pounds. D) less than 120 pounds.
It is impossible for both nations to gain when trading with one other
a. True b. False Indicate whether the statement is true or false