Chris Describes Himself as Liberal When Thinking of Himself as an American,but

question 48

Multiple Choice

Chris describes himself as liberal when thinking of himself as an American,but conservative when compared to other college students.These are ________ comparisons.

• A)intragroup
• B)intergroup
• C)shifting standards
• D)individualistic
• E)political

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Definitions:

Marginal Product of Labor

The additional output produced as a result of employing one more unit of labor.

Economies of Scale

The cost advantages that a business obtains due to expansion, where the average cost per unit of output decreases with increasing scale.

Diseconomies of Scale

The situation where long-run average costs start to increase as the scale of operation grows beyond a certain point, leading to increased per-unit costs.

Diminishing Returns

A principle in economics indicating that adding more of one factor of production, while holding others constant, will at some point yield lower incremental per-unit returns.