The production function is concave in labor because
A) the contribution to production of each additional unit of labor decreases.
B) the marginal product of labor is increasing.
C) the marginal product of capital is decreasing.
D) the labor demand is downward sloping.
A
Economics
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A firm purchases more capital equipment, which is a subsitute to labor. We would expect to observe
A. an increase in the wage rate paid for labor by this firm. B. a rightward shift in the supply curve of labor to this firm. C. a decrease in the supply of labor for this firm. D. a decrease in the demand for labor by this firm.
Economics
Inheritance is responsible for about ________ percent of the income inequality in the United States.
A. 1 B. 95 C. 67 D. 10
Economics