If a production function has the property of diminishing marginal product, then doubling:
A. all of the inputs will less than double the output.
B. all of the inputs will double the output.
C. all of the inputs will more than double the output.
D. one of the inputs will reduce its marginal product.
Ans: D. one of the inputs will reduce its marginal product.
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In economic terms associated with employment and unemployment, what would cause an economy to operate inside its production possibilities curve? What would have to change to move it to a point on its production possibilities curve?
Refer to the information provided in Table 25.1 below to answer the question(s) that follow.Table 25.1
Refer to Table 25.1. First Charter Bank's total assets are
A. $400. B. $800. C. $1,200. D. $2,400
The arrival of Michael Jordan, Larry Bird, and Magic Johnson in the 1980s increased the popularity of pro basketball. This led to
a. an increase in the equilibrium quantity of professional basketball b. a decrease in the equilibrium quantity of professional basketball c. a decrease in the price of professional basketball tickets d. a decrease in pro basketball players' salaries e. an increase in the price of professional basketball tickets but no change in game attendance
Below, the graph on the left shows long-run average and marginal cost for a typical firm in a perfectly competitive industry. The graph on the right shows demand and long-run supply for an increasing-cost industry.
How much profit will the firm earn?
A. $3,100 B. $2,600 C. $3,750 D. $6,000 E. zero