In a Malthusian world, why is misery recurrent?
A) The marginal returns of capital are decreasing.
B) Fertility is endogenous.
C) Output is increasing in labor.
D) Mortality depends on the standard of living.
D
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The law of diminishing returns occurs because
A) the marginal product of an additional worker is greater than the marginal product of the previous worker. B) the marginal product of a variable input, such as labor, depends in part on the amount of fixed inputs, such as capital. C) total production decreases as more of the variable inputs are used. D) adding more and more workers leads to a decrease in the quantity of capital.
Every point on the long-run average cost curve is
A) also a minimum point on a short-run average cost curve. B) on a short-run average total cost curve. C) on a short-run average variable cost curve. D) on a short-run marginal cost curve.