Explain the assumptions of Law Diminishing Returns
Explain the assumptions of Law Diminishing Returns.
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The Law of Diminishing Returns is based upon the given assumptions as follows:
Returns are based upon the given assumptions as illustrated:
a. The production technology keeps unchanged
b. Each variable factor is homogeneous.
c. Some one factor is constant
d. The fixed factor keeps constant.
The expected losses to workers through shirking are increased while a firm adopts a policy of: (w) dividing productive tasks thus the division of labor is optimal. (x) paying efficiency wages which exceed market-clearing wages. (y) avoiding legal liability by not writ
For a firm hiring through a purely competitive labor market, in that case the supply of labor is: (w) greater than the MRC. (x) less than the MRC. (y) the same as the MRC. (z) vertical to parallel the wage rate. Q : States the Extension and Contraction of States the Extension and Contraction of Demand.
States the Extension and Contraction of Demand.
If this firm maximizes profit, this will be producing under circumstances of: (1) increasing returns to labor. (2) economies of scale. (3) diminishing returns to labor. (4) constant returns to labor. (5) adverse selection and moral hazard. Q : Objectives ans uses Help to achive the Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
Help to achive the other objectives of the firm like industry leadership,expansion implementation of policies
The supply curve of the labor is negatively sloped over wage ranges where the: (1) the demand for leisure rises along with income. (2) leisure is an inferior good. (3) people offer more hours of labor at higher wages. (4) some people
The knowledge regarding local shrubs and trees which Morgan learns whereas working as an apprentice landscaper into the suburbs of a huge city is an illustration of the benefits from: (1) dirty work. (2) general training. (3) dues-paying. (4) high-skilled employment.
A cartel tends to be more successful mainly while this can stop: (1) cheating between its members. (2) increases in the demand for its product. (3) joint profit maximization. (4) international trade. (5) an increase in the price of its product. <
Explain the aspects of operational or internal issues.
Illustrates the private cost of production?
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