The law of diminishing marginal returns from capital, states that a decrease in capital per worker beyond some level will result in diminishing returns of output per worker
Indicate whether the statement is true or false
false
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Suppose that a hurricane destroys part of the tobacco crop in North Carolina
What willhappen to the price of tobacco? What will happen to the marginal product of tobacco field workers as a result of the hurricane? Can we tell what will happen to the demand for tobacco field workers? Explain.
The Sherman Act prohibited
A) collusive price agreements among rival sellers. B) setting price above marginal cost. C) marginal cost pricing. D) selling below average total cost.
When the Fed lowers the discount rate, it makes it:
a. cheaper for banks to borrow from each other. b. cheaper for banks to obtain additional reserves by borrowing from the Fed. c. more difficult for banks to accept deposits. d. more difficult for banks to extend loans.
For a given decrease in demand, the effect on price is largest and the effect on quantity exchanged smallest when: a. supply is perfectly elastic
b. supply is elastic. c. supply is unit elastic. d. supply is perfectly inelastic.