D Question 7 1 pts With \'quantity\' on the x-axis and S per unit on the y-axis,
ID: 1163976 • Letter: D
Question
D Question 7 1 pts With 'quantity' on the x-axis and S per unit on the y-axis,the MC curve initially slopes downward because: O specialization of tabor O additional workers are better trained and therefore more productive the law of diminishing marginal returns O economies of scalo D Question 8 1 pts The law of diminishing marginal returns refers to the decline in marginal productivity of additional workers. This phenomenon oc curs: O in the short run only O in the long run only O in both the short and long run D Question 9 1 pts To construct a market demand curve from individual demand curves, which of the following methods is correct? O Summing the quantities demanded at every given price and plotting the new curve as the market demand curve O Taking the average of the individual demand curves O Summing the individual demand curves vertically O all of the above methods reach the same resultExplanation / Answer
7.
A
Due to the specialization of labor, workers work with higher efficiency with additional worker getting added. So, MC curve goes downward sloping initially.
8.
A
In the short run only, at-least one factor of production is fixed. It causes the law of diminishing marginal return to exhibit in the short run.
9.
A
It is the right method to construct market demand using the individual demands.
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