The law of diminishing returns predicts that
A. total output will fall.
B. marginal output will fall.
C. total output will rise.
D. marginal output will rise.
B. marginal output will fall.
You might also like to view...
An advertisement campaign that successfully convinces consumers to buy union-made products has the direct effect of shifting the
A) demand curve for union labor rightward. B) demand curve for union labor leftward. C) supply curve of union labor rightward. D) supply curve of union labor leftward.
Behavioral economists argue that asset price bubbles and other examples of herd behavior may be due to biases resulting from the law of small numbers
In particular, the investors may observe unusually ________ returns for some asset and use this limited information to ________ the probability that returns will be high in the future. A) low, over-estimate B) low, under-estimate C) high, over-estimate D) high, under-estimate
If the price of a candy bar increases from $1 to $1.50, the ____ will increase
a. producer surplus b. consumer surplus c. opportunity cost of producing a candy bar d. social marginal cost of producing a candy bar
The "standard of deferred value" function of money means it is:
a. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services. b. Asset people can use to accumulate wealth. c. Barter value of a product for which a nation has a comparative advantage. d. Asset individuals get for goods and services and then use later to purchase other goods and services. e. The unit in terms of which people write contracts.