For each additional lamp produced, a constant opportunity cost is incurred in terms of bookshelves. This means
A) that it takes more resources to produce a lamp than a bookshelf.
B) that it takes fewer resources to produce a lamp than a bookshelf.
C) that for every lamp produced, a constant number of bookshelves is forfeited.
D) that for every lamp produced, a different number of bookshelves is forfeited.
C
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Suppose that with two fro-yo machines, 12 workers produce eight quarts of fro-yo. If the marginal product of the thirteenth worker is two quarts, then
a. thirteen workers produce ten quarts b. thirteen workers produce two quarts c. the thirteenth worker alone produces ten quarts d. the law of diminishing returns cannot be operating in this example e. diminishing returns must begin with the thirteenth worker
Which of these is most likely to reduce the potential output of an economy?
a. An increase in the size of the labor force b. A deterioration in the quality of the labor force c. A decrease in the cost of using computers d. A decrease in the price level e. An increase in the price level