When we focus on labor as an input in the production process, we typically draw the production function by measuring the
a. quantity of labor on the horizontal axis and the quantity of output on the vertical axis.
b. quantity of labor on the horizontal axis and the marginal product of labor on the vertical axis.
c. quantity of labor on the horizontal axis and the value of the marginal product of labor on the vertical axis.
d. value of the marginal product of labor on the horizontal axis and the quantity of output on the vertical axis.
a
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Generally, specialization leads to
A) constant opportunity costs. B) greater productivity. C) the production of fewer capital goods. D) greater self-reliance.
If pollution is reduced below the socially efficient level:
a. the marginal cost of pollution abatement exceeds the marginal benefit of pollution abatement b. the marginal cost of pollution abatement is less than the marginal benefit of pollution abatement. c. the marginal cost of pollution abatement equals the marginal benefit of pollution abatement. d. nothing can be said about the relationship between the marginal cost and marginal benefit of pollution abatement.