Refer to Figure 11-1. In a diagram that shows the marginal product of labor on the vertical axis and labor on the horizontal axis, the marginal product curve
A) never intersects the horizontal axis.
B) intersects the horizontal axis at a point corresponding to the 5th worker.
C) intersects the horizontal axis at a point corresponding to the 6th worker.
D) intersects the horizontal axis at a point corresponding to the 8th worker.
B
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The production possibilities curve for the nation of Economagic shifts to the left. This could have been caused by:
a. an increase in Economagic's labor supply. b. innovation in the production of goods in Economagic. c. a war that destroyed some of Economagic's resource base. d. unemployment among Economagic's workers. e. Economagic's choice of more consumption and less capital last period.
A deadweight loss arises in a perfectly competitive market as each firm is a price taker
a. True b. False Indicate whether the statement is true or false