QUESTION 20 If the first worker produces 10 picture frames a day, and the second worker produces 9 picture frames a day, this implies that the marginal product of labour is increasing this implies that the marginal product of labour is decreasing the marginal product of the second worker is zero the marginal product of labour is constant for the second worker QUESTION 21 If the first worker produces 2 picture frames a day, and the second worker produces 1 picture frames a day, total output with two workers is 4 picture frame total output with two workers is 2 picture frames total output with two workers is 1 picture frames total output with two workers is 3 picture frames QUESTION 22 Which of the following best describes how a price adjusts to eliminate a shortage? O As the price rises, the quantity demanded will increase and the quantity supplied will decrease As the price falls, the quantity demanded will increase and the quantity supplied will decrease As the price rises, the quantity demanded will decrease and the quantity supplied will increase As the price falls, the quantity demanded will decrease and the quantity supplied will increase

QUESTION 20 If the first worker produces 10 picture frames a day, and the second worker produces 9 picture frames a day, this implies that the marginal product of labour is increasing this implies that the marginal product of labour is decreasing the marginal product of the second worker is zero the marginal product of labour is constant for the second worker QUESTION 21 If the first worker produces 2 picture frames a day, and the second worker produces 1 picture frames a day, total output with two workers is 4 picture frame total output with two workers is 2 picture frames total output with two workers is 1 picture frames total output with two workers is 3 picture frames QUESTION 22 Which of the following best describes how a price adjusts to eliminate a shortage? O As the price rises, the quantity demanded will increase and the quantity supplied will decrease As the price falls, the quantity demanded will increase and the quantity supplied will decrease As the price rises, the quantity demanded will decrease and the quantity supplied will increase As the price falls, the quantity demanded will decrease and the quantity supplied will increase

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter11: The Firm: Production And Costs

Section: Chapter Questions

Problem 15P

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