The economic system that includes private ownership of most resources and the coordination of economic activity by price signals generated by market forces is

Kenya owns a lawn mowing company. His total product schedule is in the above table. Decreasing marginal returns first occur with the

A) first worker. B) second worker. C) third worker. D) fourth worker. E) fifth worker.

Decreasing returns to scale

A) indicate that an increase in all inputs by some proportion will result in a decrease in output. B) must always occur at some point in the production process. C) are directly related to the law of diminishing returns. D) All of the above are true. E) None of the above is true.