In the absence of increases in the supply of labor, increases in the capital stock are subject to diminishing returns.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Suppose that the supply curve is given by P = Q. What is the elasticity of supply?
A. 10 B. 1 C. 1/10 D. Cannot be determined from these information
Both individual buyers and sellers in perfect competition
A) can influence the market price by their own individual actions. B) can influence the market price by joining with a few of their competitors. C) have to take the market price as a given. D) have the market price dictated to them by government.
Refer to the information provided in Figure 5.2 below to answer the question(s) that follow.
?Figure 5.2Refer to Figure 5.2. At Point C the price elasticity of demand is -1. Along line segment AB of the demand curve, the demand is
A. unit elastic. B. elastic. C. inelastic. D. either elastic or inelastic, depending on whether price increases or decreases.
A nation can produce two products: steel and wheat. The table below is the nation's production possibilities schedule:
Refer to the above table. Which of the following output-combinations is unattainable:
A. 1 steel and 80 wheat
B. 4 steel and 55 wheat
C. 30 wheat and 3 steel
D. 95 wheat and 0 steel