Consider the Following Statements When Answering This Question: I

question 48

Multiple Choice

Consider the following statements when answering this question: I. If a technology exhibits diminishing returns then it also exhibits decreasing return to scale.
II) If a technology exhibits decreasing returns to scale then it also exhibits diminishing returns.

• A) I is true, and II is false.
• B) I is false, and II is true.
• C) Both I and II are true.
• D) Both I and II are false.

Assess how minimum wage laws and efficiency wages affect employment levels and worker turnover.

Understand the relationship between wage rates and employment levels in competitive labor markets.

Calculate total wage bills and profits at various levels of employment and wage rates.

Identify different market structures based on hiring practices and wage dynamics.

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Definitions:

Utilitarianism

An ethical theory suggesting that the best action is the one that maximizes utility, often defined in terms of the well-being of sentient entities.

Humanism

An outlook or system of thought attaching prime importance to human rather than divine or supernatural matters, emphasizing human dignity and potential.

Approved Standards

Refers to formal guidelines or specifications that have been validated by an authoritative body or consensus for repeated use.

Unethical Behavior

Not conforming to a set of approved standards of behavior— cheating on an exam, for example.