Labor (workers) Total product (shirts) 0 0 1 50 2…

  Labor (workers) Total product (shirts) 0 0 1 50 2 120 3 180 4 220 5 250 The table above shows the short-run product schedule for Virginia’s Tee-Shirts. The worker for whom the law of diminishing returns initially occurs is the ________ worker.

In the short run, the firm makes zero economic profit when t…

In the short run, the firm makes zero economic profit when the price is ________ minimum average total cost, makes an economic profit when the price is ________ minimum average total cost, and incurs an economic loss when the price is ________ minimum average total cost.