In the Short Run, Marginal Product of Labour Increases at First

question 139

Multiple Choice

In the short run, marginal product of labour increases at first and then falls because

• A)as more labour is hired, they are not as skilled as the first ones hired.
• B)there are fewer opportunities for division of labour and specialisation when fewer workers are hired.
• C)managerial inefficiency sets in when a firm gets too large.
• D)the new workers do not have as much experience as those who have been with the firm for a long time and therefore are not as productive.

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Definitions:

Fraud

A deliberate deception practiced to secure unfair or unlawful gain.

Article 9

A provision under the Uniform Commercial Code (UCC) dealing with secured transactions in personal property, where a creditor has a security interest in the debtor's property.

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States, intended to standardize regulations across the states.

Consideration

A concept in contract law that involves something of value exchanged between parties as part of an agreement.