The law of diminishing returns states that as more workers are hired, beyond some point,
a. total output will fall
b. total cost will fall
c. marginal physical product will fall
d. total cost will rise
e. total output will rise
C
Economics
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A monopolist's cost curves will
a. be identical to those of a competitive firm. b. be higher than a competitive firm's cost curves. c. be peculiar to the individual producer since there is only one. d. drop more steeply as output increases.
Economics
Economic rent is broadly defined as
A) a payment received by a landowner. B) a payment for the use of any resource that has a fixed supply. C) the return to owners of farmland. D) the dividend return on a share of stock.
Economics