Which of the Following Experiments Will Yield Observations That Would

question 33

Multiple Choice

Which of the following experiments will yield observations that would allow one to calculate the marginal physical product of labor?

• A)increase the number of lumberjacks with chain saws and observe the change in output of cut trees 
• B)increase the number of workers on an assembly line and record the change in output 
• C)Both a and b are correct.
• D)Neither a nor b are correct.

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Definitions:

Economic Effect

The impact of a decision or event on the economy, which can be observed through indicators like GDP, employment rates, and inflation.

Costs

The value of everything a firm sacrifices to produce a good or service, including material, labor, and other resources.

Advertising

The act of promoting products, services, or brands through various forms of media in order to attract interest, engagement, or sales.

Economies Of Scale

The cost advantage achieved by an increase in production, which typically leads to a decrease in the average cost per unit as fixed costs are spread over more units.