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Intel hired a consultant who found that the value of marginal product of Intel's workers decreased as more workers were hired. Suppose Intel is a monopolistically competitive firm. Then the value of marginal product decreases because the I. workers' marginal product of labor decreased as more workers were hired.
II) marginal revenue of Intel's chips decreased as more chips were sold.
Straight Line
A direct path between two points in a plane or three-dimensional space, having no curvature.
Opportunity Costs
The expense of the best alternative given up to make a choice.
Factors Of Production
The resources used to produce goods and services. Labor and capital are examples of factors.
Increasing Opportunity Cost
Increasing opportunity cost implies that producing more of one good requires giving up an increasing amount of production of another good, reflecting resource specialization.
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