Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following is TRUE about the long run? All resources are variable All resources are fixed At least one resource is fixed None

Which of the following is TRUE about the long run? All resources are variable All resources are fixed At least one resource is fixed None of the aboveThe marginal productivity of labor will eventually decrease as more workers are employed because average product is increasing the amount of capital will also be increasing on the average each worker will have fewer inputs to work with total product is decreasing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Microeconomics and Its Application

Authors: walter nicholson, christopher snyder

11th edition

9781111784300, 324599102, 1111784302, 978-0324599107

More Books

Students also viewed these Economics questions

Question

Differentiate among Theory X, Theory Y, and Theory Z.

Answered: 1 week ago

Question

For any events A and B in a sample space, we have (A B) = AB.

Answered: 1 week ago

Question

cCompare and contrast an operating lease with a capital lease.

Answered: 1 week ago