Tiffany has just graduated from Stanford University and has applied for a job as an engineer at a manufacturing plant. The manufacturer decides to offer Tiffany a job because it perceives she's gained valuable skills while at Stanford. To which of the following views of education does the manufacturer subscribe?

What do demand and marginal revenue curves look like in monopolistic competition? How do they compare to the demand and marginal revenue curves in perfect competition and monopoly?

What will be an ideal response?

"Diminishing marginal returns" refer to a situation in which the

A) marginal cost of the next worker hired is less than the marginal cost of the previous worker hired. B) average cost of the next worker hired is less than the average cost of the previous worker hired. C) marginal product of the next worker hired is less than the marginal product of the previous worker hired. D) average product of the next worker hired is less than the average product of the previous worker hired.