Refer to Scenario 3. Diminishing marginal returns are incurred when output is increased from:
A) 1 to 2 units of output.
B) 2 to 3 units of output.
C) 3 to 4 units of output.
D) 4 to 5 units of output.
C
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Your younger brother likes to yell at the dinner table so the rest of the family will give him what he wants. Assume that this has proved quite successful for him time and again
Let's say that you are from a family of eight and every member of your family starts to adopt the same strategy. Would this work? Why or why not? Explain.
Many economists who accept the real business cycle explanations of economic fluctuations
a. believe that the sharp rise in the relative price of imported oil was the central cause of the deep recession in the United States in the mid-1970s. b. believe that the restrictive Federal Reserve monetary policy was the central cause of the deep recession in the United States in the mid-1970s. c. believe that the sharp rise in the relative price of imported oil was not the main cause of the deep recession in other industrialized nations in the mid-1970s. d. both a and c. d. None of the above
The equilibrium price in a market is found where
A. The market supply curve intersects the y-axis. B. The market demand curve intersects the y-axis. C. The market supply curve intersects the x-axis. D. The market supply curve intersects the market demand curve.
Employment of labor in a country other than the firm's home country is called
A) employing guest workers. B) outsourcing. C) employing non-naturalized workers. D) employing illegal aliens.