Question
1. The classical model assumes that the marginal product of labor declines as additional labor is used. Suppose this were not true - suppose the
1. The classical model assumes that the marginal product of labor declines as additional labor is used. Suppose this were not true - suppose the marginal product of labor were constant. How would the behavior of the system be different? Would it still have a definite equilibrium? Why or why not?
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Managerial Economics Foundations of Business Analysis and Strategy
Authors: Christopher Thomas, S. Charles Maurice
11th edition
978-0078021718
