We know that diminishing returns has set in when ______ declines.
Fill in the blank(s) with the appropriate word(s).
marginal output
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What happens in the long run if firms in a monopolistically competitive industry are incurring economic losses? Explain
What will be an ideal response?
The subprime financial crisis caused a recession because of the ________ in adverse selection and moral hazard problems and the ________ in housing prices
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
A profit-maximizing firm will never hire that quantity of a factor of production for which that factor has an increasing marginal productivity because:
a. it would not be maximizing output. b. it would not be maximizing the productivity of labor. c. it would not be minimizing costs. d. it would not be maximizing profits.
From a purely economic point of view, discrimination exists when
a. black teenagers earn more than white teenagers. b. all factors are earning average products. c. women earn less than men. d. equivalent factors earn different payments for equal contributions to output.