What happens to the marginal cost curve when the marginal physical product of labor is rising?
A. It becomes vertical.
B. It becomes downward sloping.
C. It becomes horizontal.
D. It becomes upward sloping.
Answer: B
Economics
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A customs union will increase the welfare of its members and the rest of the world if:
a. trade creation is greater than trade diversion. b. trade creation is less than trade diversion. c. trade creation is positive. d. trade diversion is positive.
Economics
The "law of diminishing marginal returns" applies to:
A) the short run, but not the long run. B) the long run, but not the short run. C) both the short run and the long run. D) neither the short run nor the long run.
Economics