Isoquants are convex to the origin due to:
A) the law of diminishing marginal utility.
B) the assumption of the diminishing marginal productivity of each input.
C) the fact that as less capital is used, its marginal productivity falls.
D) the fact that as more labor is used, its marginal productivity rises.
B
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Perfectly competitive markets are characterized by: a. rivalry in product design
b. competition in terms of product quality. c. attempts by sellers to outdo one another with good service. d. none of the above.
As wages for manufacturing workers rise, wages for service workers will stay the same
a. True b. False Indicate whether the statement is true or false
The income and living standards of a nation will increase when
What will be an ideal response?
Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. A similar office space in the same building rents for $545 per month. What is the economic profit earned by Joey's dad?
A) Profit of $245 B) Profit of $100 C) Loss of $100 D) Loss of $245