If labor is the only variable input, an increase in the quantity of labor:

a. does not have any effect on the quantity of output.
b. causes the output to increase initially at a diminishing rate and then at an increasing rate.
c. causes the output to increase at a constant rate till the last worker is hired.
d. causes the output to increase initially at an increasing rate and then at a decreasing rate.
e. causes the output to decrease at a constant rate till the last worker is hired.

d

Economics

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The quantity of real GDP demanded equals $16.4 trillion when the price level is 95. If the price level falls to 90, the quantity of real GDP demanded equals

A) less than $16.4 trillion. B) $16.4 trillion. C) more than $16.4 trillion. D) more information is needed to determine if the quantity of real GDP demanded increases, decreases, or does not change.

Economics

The adult population must equal the sum of the employed, the unemployed, and those not in the labor force

a. True b. False Indicate whether the statement is true or false

Economics