Suppose that labor is the only variable input to the production process. if the marginal cost of production is increasing as more units of output are produced, what can you say about the marginal product of labor? if the marginal cost of production is increasing as more units of output are produced, then the marginal product of labor
a. is increasing.
b. is zero.
c. is diminishing.
d. remains constant.
e. is negative.

Which of the following best describes why you need to establish goals for your program?

What is the difference between total utility and marginal utility? a. marginal utility is subject to the law of diminishing marginal utility while total utility is not. b. total utility represents the consumer optimum while marginal utility gives the total utility per dollar spent on the last unit. c. total utility is the total amount of satisfaction derived from consuming a certain amount of a good while marginal utility is the additional satisfaction gained from consuming an additional unit of the good. d. marginal utility represents the consumer optimum while total utility gives the total utility per dollar spent on the last unit.

Which of the following is a function performed by market prices? a. market prices communicate information to buyers and sellers. b. market prices coordinate the decisions of buyers and sellers. c. market prices motivate entrepreneurs to produce those products that are currently most desired relative to their costs of production. d. all of the above are functions performed by market prices.