If Labor Is the Only Variable Input,an Increase in the Quantity

question 84

Multiple Choice

If labor is the only variable input,an increase in the quantity of labor:

• A)does not have any effect on the quantity of output.
• B)causes the output to increase initially at a diminishing rate and then at an increasing rate.
• C)causes the output to increase at a constant rate till the last worker is hired.
• D)causes the output to increase initially at an increasing rate and then at a decreasing rate.
• E)causes the output to decrease at a constant rate till the last laborer is hired.

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Definitions:

Starting Salaries

The initial amount of money that an employee earns at the beginning of their employment.

Larger Universities

Educational institutions with a significant student population, offering a wide variety of programs and resources.

Explanatory Variable

A type of variable in statistical modeling that is used to explain variations in the dependent variable; it is also known as an independent variable.

Quantitative Variables

Variables that represent numerical amounts or quantities, which can be measured and expressed numerically.