Kenya owns a lawn mowing company. His total product schedule is in the above table. Decreasing marginal returns first occur with the
A) first worker.
B) second worker.
C) third worker.
D) fourth worker.
E) fifth worker.
B
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A supply curve shows quantities supplied at various prices. It also shows the
A) total profit the firm earns at a given level of output. B) marginal benefit of the good. C) total cost of production. D) marginal cost of production. E) producer surplus, which is equal to the slope of the supply curve.
Suppose that Carla's Candy Shop finds that at the current level of output, marginal revenue is below marginal cost and average variable cost is below price. If the market price is held constant, Carla's Candy Shop should __________ in order to maximize profits
a. raise output b. reduce its price c. reduce output d. close down e. maintain its current output level
The self-correcting mechanism to return the economy to potential output from output gaps is the change in:
A. short-run aggregate supply. B. aggregate demand. C. the real interest rate by the central bank. D. potential output.
People who enjoy the benefits of a public good without paying for them are called:
A. spillover parties. B. external consumers. C. free riders. D. antitrust violators.