The law of __________: as successive units of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decline.
Fill in the blank(s) with the appropriate word(s).
Answer: diminishing returns
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What can, in general, be said about a monopoly's supply curve?
a. A monopoly's supply curve, like that for a competitive firm, coincides with its marginal cost curve. b. A profit-maximizing monopoly will operate only on the elastic portion of its supply curve. c. The monopoly's supply curve is more inelastic than if the firm were competitive. d. The concept of a supply curve is meaningless in the context of the monopoly problem.
By and large, small countries tend to benefit the most from international trade because
a. their citizens tend to be the most different from the rest of the world. b. they are unable to achieve self-sufficiency. c. they can collect large amounts of tariff revenue from trading with larger countries. d. their citizens are more likely to prefer the high-quality, capital-intensive goods available only from larger countries.
Mention some of the ways in which the problem of asymmetric information can be reduced
Alternative fuels become more economically viable as:
A. the demand for oil decreases. B. subsidies for alternative fuels are removed. C. oil exploration and drilling technology improve. D. the price of oil rises.