If the Marginal Product of Labor for a Firm Decreases

question 38

Multiple Choice

If the marginal product of labor for a firm decreases as more workers are hired,we know that

• A) all workers are paid the same wage.
• B) the marginal cost of producing output is decreasing.
• C) the gains from specialization are exhausted.
• D) the marginal cost of producing output is constant.
• E) there are still gains from specialization left to be exploited.

Assess the effectiveness of monetary policy in closing recessionary and inflationary gaps.

Describe the relationship between the money supply, interest rates, and investment sensitivity.

Explain the concept of the aggregate demand-aggregate supply model and its equilibrium.

Understand the equation of exchange and its implications for the velocity of money.

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