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.
Answer: B
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Roughly what percentage of money income was earned by the lowest 20% of income earners in the U.S. in 2010?
A) 0.8% B) 3.8% C) 6.8% D) 9.8%
Which of the following is a characteristic of perfect competition?
a. homogeneous products b. many sellers c. many buyers d. all of the above
Refer to the graph shown. If the firm is producing 250 units of output, profit is equal to:
A. -$38. B. $38. C. $0. D. $30.
An indifference map shows
A. that utility is at a maximum at the origin. B. that money income is constant, but product prices may change. C. that curves closer to the origin represent higher levels of utility. D. that curves further from the origin represent higher levels of utility.