Question
Question 1 IF THE ANSWER IS FALSE, correct the statement to make it TRUE. WRITE OUT YOUR ANSWER IN CAPITAL LETTERS. A. TRUE or FALSE
Question 1
IF THE ANSWER IS FALSE, correct the statement to make it TRUE. WRITE OUT YOUR ANSWER IN CAPITAL LETTERS.
A. TRUE or FALSE If labour is a variable input or resource in production, the law of diminishing marginal returns implies that in the short run, labour's marginal product increases after a certain point.
B. TRUE or FALSE A normal profit is the minimum an entrepreneur must receive in order to remain in that line of work.
C. TRUE or FALSE To find Economic Profit, a person subtracts only implicit costs or opportunity costs from Total Revenue.
D. TRUE or FALSE The short-run is when all economic resources are variable.
E. TRUE or FALSE The marginal product curve is the slope of the total product curve.
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