Every firm is constrained by the demand curve for the product it produces

Transfer payments refer to payments from the government to ________

A) other government agencies B) distribute state taxes collected by the government to individual states C) reimburse property taxes paid by states for government property leases D) certain individuals or groups

Salmon fishing in Alaska is a seasonal business; May through September is the best time to bait salmon and halibut. Toland Fisheries, a small commercial fishery, recorded its highest ever catch last year

They started this year's fishing season with the same number of workers and equipment. With the new season also starting well, Toland has increased hiring substantially. However, the fishery did not make any additional investment in trawlers and other fishing equipment. Other things remaining unchanged, what is likely to happen to the marginal product of each new worker in the short run? a. Other things remaining unchanged, what is likely to happen to the marginal product of each new worker in the short run? b. Is the outcome likely to be different in the long run? Explain your answer.