The Negative Slope of the Value of Marginal Product Curve

question 109

Multiple Choice

The negative slope of the value of marginal product curve is most easily explained by

• A)tight labor markets.
• B)a surplus of workers.
• C)diminishing marginal product.
• D)diminishing marginal cost.

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Definitions:

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

More Efficiently

implies improving productivity or performance using fewer resources or achieving better outcomes in a shorter time frame.

Trade Surplus

A condition in which a nation's exports surpass its imports, signifying a favorable trade balance.

Technology Products

Goods and services derived from scientific and technological advancements, geared toward consumers and businesses.