An increase in population can be expected to
a. increase the marginal product of land.
b. decrease the supply of land.
c. decrease the rents on land.
d. decrease the demand for land.
a
You might also like to view...
A workers who is always honest with their cash drawer must be a good mother as well because she is "honest" and "honest" people raise good children. This thought process describes
a. discrimination b. trait management c. the halo effect d. laissez-faire
Suppose that a firm has only one variable input, labor, and firm output is zero when labor is zero. When the firm hires 6 workers the firm produces 90 units of output. Fixed costs of production are $6 and the variable cost per unit of labor is $10 . The marginal product of the seventh unit of labor is 4 . Given this information, what is the average total cost of production when the firm hires 7
workers? a. $10.06 b. $9.64 c. 81 cents d. 70 cents