The “law” of diminishing returns asserts that marginal returns will ultimately diminish when the quantity of one input is increased.
Answer the following statement true (T) or false (F)
True
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If a firm acquires the stock of a competing firm that causes a substantial lessening of competition, it would be in violation of the:
a. Clayton Act. b. Robinson-Patman Act. c. Sherman Antitrust Act. d. Federal Trade Commission Act. e. Interstate Commerce Act.
Assume that both the demand curve and the supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result
A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will decrease. D) the equilibrium price of DVD players will increase; the equilibrium quantity may increase or decrease.
What are conflict diamonds and what do they illustrate about resource use?
What will be an ideal response?
Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. Point B represents a situation of
A. full employment but production inefficiency. B. less than full employment but production efficiency. C. less than full employment and production inefficiency. D. both full resource employment and production efficiency.