If Hiring More Workers Results in Each Additional Worker Contributing

question 11

Multiple Choice

If hiring more workers results in each additional worker contributing successively smaller amounts of output, then which of the following is present?

• A)diminishing profitability
• B)diminishing total product
• C)diminishing marginal product
• D)Both b and c are correct.

Examine the influence of external events on market equilibrium (disease discoveries, technological breakthroughs).

Understand the factors that lead to shifts in supply curves.

Identify the conditions that cause market shortages and surpluses.

Recognize the impact of input prices on production costs and supply.

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Definitions:

Medicare

A federal program of health insurance for persons 65 years and older.

Medicaid

A combined federal and state program that uses general revenues to fund health care for the poor. Eligibility is tied closely to economic status.

Hospice Care

Specialized care designed to provide support and comfort to people in the final phase of a terminal illness.

Prison Hospice Programs

End-of-life care programs within prison settings, designed to provide palliative care to terminally ill inmates with the assistance of fellow inmates trained as caregivers.