David's firm experiences diminishing marginal product for all ranges of inputs. The total cost curve associated with David's firm
a. gets flatter as output increases.
b. gets steeper as output increases.
c. is constant for all ranges of output.
d. is unrelated to the production function.
b
You might also like to view...
A perfectly competitive market is in equilibrium and then demand decreases. The decrease in demand means the market price will ________ and eventually there will be ________
A) rise; entry by new firms B) fall; exit by existing firms C) fall; entry by new firms D) rise; exit by existing firms E) fall; neither entry nor exit because the market is perfectly competitive
Suppose the country of Mooland imposes a tariff on imported beef from the country of Aqualand. As a result of the tariff, the
A) price of beef in Mooland falls. B) quantity of beef exported by Mooland increases. C) quantity of beef imported by Mooland decreases. D) quantity of beef imported by Mooland increases.
All of the following are governmental efforts to decrease poverty EXCEPT
A) Supplemental Security Income. B) the earned income program. C) transfer payments. D) tariffs.
Suppose the CPI was 56 in 1967, and suppose one must spend $349 today to obtain the same basket of goods and services that could be bought for $100 in 1967 . Then today's CPI is
a. 223.7. b. 195.0. c. 623.2. d. 195.4.