Production indifference curves bow inward toward the graph's origin because of
a. the law of diminishing returns to a single input.
b. the law of diminishing marginal returns to scale.
c. constant returns to scale.
d. minimizing costs in the short run.
a
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Since the Civil War, the poorest section of the country has been the __________.
Fill in the blank(s) with the appropriate word(s).
What would be an example of consumption service?
A) Rhianna gets a haircut. B) Jake buys an iPhone. C) Antonio, the manager of the local Taco Hut, purchases a new deep fryer. D) The local driver's license office purchases a new digital camera and printer. E) Donald Trump purchases furniture for his office.
What do economists mean when they characterize households and firms as forward looking?
What will be an ideal response?
At each level of income, net taxes reduce disposable income, thereby reducing consumption spending
a. True b. False