Refer to Table 11-1. Diminishing marginal returns sets in when the ________ worker is hired
A) 2nd
B) 3rd
C) 4th
D) None of the above; the production function displays increasing marginal returns.
B
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When comparing a permit trading system to the use of a pollution charge
a. a permit trading system requires more government intervention because the government must determine the permit price b. a permit trading system is inflexible because the number of permits cannot be adjusted c. a pollution charge generates revenue for the government on all units of pollution not abated d. pollution charges might create pollution hot spots
What is the difference between aggregate expenditure and consumption spending?
What will be an ideal response?
The success of a predatory pricing strategy in an oligopolistic market depends on all of the following except:
A) the number of firms operating in the industry prior to enactment of the policy. B) how far the predatory price is below cost. C) the period of time for which the predatory price is in effect. D) the length of time over which recoupment of profits occurs.
The truth of the MPP=MRP condition has been implicitly accepted by most businesses while not explicitly recognizing its legitimacy
Indicate whether the statement is true or false