The "law" of diminishing returns is also referred to as
a. the "law" of diminishing returns to scale.
b. the "law" of variable input proportions.
c. diminishing average physical product.
d. the "law" of decreasing cost.
b
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Some grocery stores are now offering customers coupons which entitle them to a discount on certain items on their next visit when they go through the check-out line. This practice is an example of:
A) intertemporal price discrimination. B) third-degree price discrimination. C) a two-part tariff. D) bundling. E) none of the above
As the housing bubble collapsed, the combination of increasing interest rates and pessimism about future economic prospects:
A. increased both consumption and investment spending. B. decreased consumption and increased investment spending. C. decreased both consumption and investment spending. D. increased consumption and decreased investment spending.
A firm has explicit costs of $110,000 and total revenue of $120,000. Which of the following is true about the firm?
A) The firm is incurring an economic loss if implicit costs are $10,000. B) The firm is making a normal profit if implicit costs are $0. C) The firm might be making an economic profit but we need more information about implicit costs to know for sure. D) The firm is definitely making an economic profit because it must be minimizing its opportunity cost. E) The firm may be making an economic profit but only if implicit costs are negative.
Karl Marx wrote largely about
A. 19th century England. B. 18th century England. C. 19th century Russia. D. 18th century Russia.