Over a five-year span, the ABC Co reduced the amount of labor it hired. At the same time, the marginal productivity of labor increased. Which of the following COULD explain this observation?
A) the law of diminishing marginal returns
B) labor saving technical change
C) organizational innovation
D) All of the above.
D
Economics
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A(n) ______ is a graphical representation that shows the inverse relationship between price and the quantity a single buyer is willing and able to buy.
a. market supply curve b. market demand curve c. individual supply curve d. individual demand curve
Economics
The industry represented by the graph above where S1 and S2 are short-run supply curves, D1 and D2 are short-run demand curves, and LRS is the long-run supply curve can be said to be:
A. an increasing-cost industry. B. an average-cost industry. C. a decreasing-cost industry. D. a constant-cost industry.
Economics