Marginal returns start to decrease when more and more workers _______
A. have to share the same equipment and workspace
B. produce less and less output
C. require jobs to be too specialized
D. produce less and less average product
A With no more equipment or workspace, eventually as addi-tional workers are employed, less additional output is pro-duced.
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Refer to Table 2-20. What is Japan's opportunity cost of producing one pound of rice?
A) 0.04 units of a wristwatch B) 4 wristwatches C) 25 wristwatches D) 40 wristwatches
In a market where supply and demand curves are both highly inelastic, a price ceiling will have a(n)
a. large effect on quantity supplied and little effect on quantity demanded b. large effect on quantity demanded and little effect on quantity supplied c. large effect on both quantity demanded and quantity supplied d. little effect on both quantity demanded and quantity supplied e. effect only on price