As more workers are hired, the marginal physical product of labor eventually declines because
A) less efficient workers are hired as the number of workers increases.
B) workers do not work well together when the number of workers increases.
C) the amount of capital each worker has to work with declines as the number of workers increases.
D) of diseconomies of scale.
C
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Demand is price inelastic if ________ percentage change in the price leads to a ________ percentage change in the quantity demanded
A) a small; large B) a large; small C) any; large D) Both answers A and B are correct. E) None of the above answers is correct.
Your text suggests if the price of insulin were to significantly increase, more diabetics will
A) avoid refilling their prescriptions. B) turn toward substitutes such as a better diet and exercise. C) adopt holistic healthcare, organic medicines, and other perceived substitutes. D) do all of the above. E) do none of the above.