The ____ is the situation in which the marginal product of labor is greater than zero and declining as more labor is hired
a. law of demand
b. law of diminishing supply
c. law of diminishing returns
d. law of returns to scale
c
Economics
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What is the maximum amount an investor should be willing to pay for a two-year $200 annuity, if the best alternative investment earns 20 percent per annum?
a. $305.56 b. $166.67 c. $138.89 d. $268.79
Economics
Refer to the diagrams, which pertain to monopolistically competitive firms. A short-run equilibrium entailing economic profits is shown by:
A. diagram a only.
B. diagram b only.
C. diagram c only.
D. both diagrams b and c.
Economics