Use the Following to Answer Question

question 227

Multiple Choice

Use the following to answer question:
-(Figure: The Total Product) Use Figure: The Total Product.If the firm hires more than L₂ labor,the total product will _____ because the marginal product of labor is _____.

• A)decrease;positive
• B)increase;positive
• C)decrease;negative
• D)increase;negative

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Definitions:

Heuristics

Mental shortcuts that ease the cognitive load of making decisions or solving problems.

Algorithms

Step-by-step problem-solving procedures or formulas that guarantee a solution to a problem if correctly applied.

Primary Mental Abilities

According to Thurstone, the basic abilities that make up intelligence examples include word fluency and numerical ability.

Louis Thurstone

An influential American psychologist known for his contributions to psychometrics, including factor analysis and the development of psychological scales.