As a farmer adds more and more fertilizer to a fixed amount of land he will eventually experience ________________.
Fill in the blank(s) with the appropriate word(s).
diminishing marginal returns
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Refer to Figure 9-1. Based on the graph of the labor market above, if a minimum wage of $8 per hour is imposed, which of the following will result?
A) The quantity of labor demanded by firms will rise. B) The quantity of labor demanded by firms will fall. C) The unemployment rate will fall. D) Both A and C will occur.
A change in the quantity demanded of a product is the result of a change in:
A. the price of the product. B. the price of related goods. C. consumer income. D. the cost of producing the product.
Between 1990 and 2007,
A. U.S. exports to Mexico increased rather steadily. B. U.S. imports from Mexico decreased precipitously. C. U.S. exports to Canada increased rather steadily. D. both a) and c).
The problem with socially-optimal pricing regulation of a natural monopoly is that:
A. P < MC B. P < AVC C. P < ATC D. P < MR