Use the following table to answer the question below: The amount of total output produced from various combinations of labor and capital. 
Diminishing marginal productivity
A. occurs eventually because each additional unit of the variable unit has, on average, fewer units of the fixed input with which to work.
B. means that adding one more unit of the variable input will reduce total product.
C. occurs when the marginal product curve begins to slope downward.
D. both a and c
E. both b and c
Answer: D
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Tickets to the Michigan-Notre Dame football game are usually sold out in advance of game day. This suggests that
a. the price of the tickets must be very high or else people would not consider them valuable
b. the price is set below the equilibrium level
c. the football stadium is relatively small
d. everyone who attends the game will enjoy it
e. the price is determined primarily by the fixed supply of tickets
If a monopoly is operating along the portion of its demand curve where marginal revenue is positive, its
A) total revenue increases when price decreases. B) total revenue decreases when price decreases. C) total revenue remains the same when price decreases. D) total revenue is zero.
Which of the following would be classified as private investment?
a. An individual's purchase of a used car b. A family's purchase of groceries c. An individual's purchase of a General Electric bond d. A family's purchase of a newly built home e. A family's purchase of a new car
Autonomous consumption is defined as
A. the level of real consumption spending that is independent of real disposable income. B. the real consumption spending by the autonomous government. C. the consumption of foreign-made goods independent of exchange rates. D. the level of real consumption spending that is equal to real disposable income.