A Firm Is Using a Single Variable Input, Labor, with a Given

question 32

Multiple Choice

A firm is using a single variable input, labor, with a given amount of a fixed input, capital. If the level of capital is decreased,

• A) the total product curve of labor curve shifts downward.
• B) the average product curve of labor curve shifts downward.
• C) the marginal product curve of labor shifts downward.
• D) all of the above
• E) none of the above

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Definitions:

Moral Universals

Ethical standards and principles that are considered to apply to all humans regardless of culture, race, sex, religion, or nationality.

Ethical Absolutism

The belief in absolute standards against which moral questions can be judged, irrespective of the context or situation.

Cultural Relativism

A concept in anthropology and ethics that posits the belief systems and moral codes of a culture should be understood and judged within the context of that culture's own history and traditions.

Open Mind

The willingness to consider new ideas and perspectives without letting one's own beliefs hinder the process.