In the _______________, marginal product becomes negative and total plant output decreases.
Fill in the blank(s) with the appropriate word(s).
Ans: third stage of production
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Which of the following does NOT cause a rightward shift in the supply curve?
A) a reduction in resource costs B) an increase in technology C) a reduction in the price of the good D) a reduction in the expected future price of the good
Which of the following statements about the substitution effect of a price change is true?
a. It is caused by a change in relative prices. b. It affects the consumer's ability, rather than willingness, to purchase a good. c. It assumes that the consumer substitutes more expensive goods for cheaper ones when income increases. d. It is usually equal to the income effect. e. It may cause the consumer to buy less of the good when its price falls.
In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue
a. True b. False
Variable inflation rates may be more costly socially than low but predictable rates of inflation.
Answer the following statement true (T) or false (F)