The law of diminishing marginal returns shows the relationship between
A. accounting and economic profits."
B. inputs and outputs for a firm in the long run.
C. inputs and outputs for a firm in the short run.
D. short run inputs and long run outputs for a firm
Answer: C. inputs and outputs for a firm in the short run.
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The key element in preserving a monopoly is keeping rivals out of the market
a. True b. False Indicate whether the statement is true or false
An example of a good that is nonrival in consumption is:
A. a campsite at Yellowstone National Park. B. a ticket to an Omnimax movie at the Smithsonian. C. the Lincoln Memorial in Washington, D.C. D. All of these are nonrival in consumption.
China's economy was much more agricultural than Russia's, and observers believe this aided its economic transition
Indicate whether the statement is true or false
Relating to the Economics in Practice on page 340: Europe has a carbon tax, and electricity producers are among the largest of the carbon producing firms. The carbon tax increases the costs of the electricity producers, which will shift the ________ curve in the electricity market to the ________.
A. supply; right B. demand; left C. supply; left D. demand; right