Increasing marginal returns to labor
A) occur when a particularly efficient worker is employed.
B) describe the portion of a total product curve where the marginal product is negative.
C) mean that two workers produce less than twice the output of one worker.
D) are the result of specialization and division of labor in the production process.
E) occur only when there are increasing marginal returns to capital.
D
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People who are not currently employed, but say they want a job, are counted as unemployed only if they
A) are actively seeking employment. B) are between 16 and 65 years of age. C) are willing to accept a reasonable offer. D) have no other source of income. E) have previously held a job.
Under limit pricing, the incumbent will produce:
A. less than the monopoly output and charge a price that is greater than the monopoly price. B. more than the monopoly output and charge a price that is greater than the monopoly price. C. more than the monopoly output and charge a price that is less than the monopoly price. D. less than the monopoly output and charge a price that is less than the monopoly price.