Refer to the following graph. The principle of diminishing returns is illustrated by the
a. upward sloping portion of the MP curve.
b. downward sloping portion of the MP curve.
c. upward sloping portion of the AP curve.
d. downward sloping portion of the AP curve.
b. downward sloping portion of the MP curve.
You might also like to view...
Using the values for the marginal benefit and the marginal cost of a bushel of apples given in the table above, what is the allocatively efficient quantity of apples? Suppose 10 million bushels of apples are produced
Should the quantity be increased or decreased? What if 20 million bushels are produced; should the quantity be increased or decreased?
In the early 1900s, people were ________ more than decorators
a. Collectors b. Travelers c. Readers d. Media driven
Suppose that if poor households have a price elasticity of demand for medical care of 0.70 and wealthy households have a price elasticity of demand for medical care of 0.10, then a 10% increase in the price of medical care would lead to poor households reducing their quantity demanded for medical care by:
A. seven times the amount that wealthy household reduce their quantity demanded for medical care. B. one-seventh the amount that wealthy households reduce their quantity demanded for medical care. C. one-tenth the amount that wealthy households reduce their quantity demanded for medical care. D. ten times the amount that wealthy household reduce their quantity demanded for medical care.
In standard game theory, cheap talk:
A. changes the payoffs. B. benefits only trustworthy people. C. doesn't affect the outcome of the game. D. will fool all the players into cooperating.