33. 4. Adding labor (more workers is not always good):
34. a. At first, each additional worker increases output more. (Increasing Marginal Returns)
35. b. Eventually output will still increase, but more slowly. (Diminishing marginal returns).
36. c. Soon, production will drop with each worker added. (Negative marginal returns).
37.
38. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Monopoly Monopolistic Competition Oligopoly
39. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many Monopoly Monopolistic Competition Oligopoly
40. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical Monopoly Monopolistic Competition Oligopoly
41. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start Monopoly Monopolistic Competition Oligopoly
42. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Monopoly Monopolistic Competition Oligopoly
43. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly Monopolistic Competition Oligopoly
44. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Monopolistic Competition Oligopoly
45. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Monopolistic Competition Oligopoly
46. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Monopolistic Competition Oligopoly
47. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control Monopolistic Competition Oligopoly
48. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Oligopoly
49. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Oligopoly
50. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Oligopoly
51. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Oligopoly
52. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Oligopoly
53. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly
54. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few
55. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes
56. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive
57. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive Some
58. Business Organization Number of Firms Variety of Goods Barriers to Entry Control Over Prices Example Perfect Competition Many None, Identical None, Easy to start None, Supply & Demand Farms, Stocks Monopoly One Unique Good Difficult To Start &Hold Full Control City Sewage Monopolistic Competition Many Similar, Sub- stitutes Few Some Clothing, Barbers Oligopoly Few Similar, Sub- stitutes Many, Ex- pensive Some Auto, Cereal