We know that negative returns have set in when ______.
Fill in the blank(s) with the appropriate word(s).
total output declines (marginal output turns negative)
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An increase in the demand for peanuts due to changes in consumer tastes, accompanied by an increase in the supply of peanuts as a result of favorable growing conditions, will result in
A) an increase in the equilibrium price of peanuts and no change in the equilibrium quantity. B) an increase in the equilibrium quantity of peanuts; the equilibrium price may increase or decrease. C) an increase in the equilibrium price of peanuts; the equilibrium quantity may increase or decrease. D) an increase in the equilibrium quantity of peanuts and no change in the equilibrium price.
Internal economies in the U.S. during its period of industrialization involved the
(a) production of goods in factories. (b) production in small, isolated towns spread throughout the U.S. (c) production of goods in factories grouped together in the same geographical region. (d) production of goods in isolated factories spread throughout the U.S.
Which of the following best describes Keynes’ argument about the economy?
a. He argued the economy often produced less than its full potential because it was technically impossible to produce more with the existing workers and machines. b. He argued the economy often produced less than its full potential, not because lack of demand in the economy as a whole led to inadequate incentives for firms to produce, but because it was technically impossible to produce more with the existing workers and machines. c. He argued the economy often produced less than its full potential, not because it was technically impossible to produce more with the existing workers and machines, but because a lack of demand in the economy as a whole led to inadequate incentives for firms to produce. d. He argued the economy often produced less than its full potential because it was technically impossible to produce more due to inadequate incentives for firms to produce.
Recall the Application about finding estimates of elasticities of demand to answer the following question(s).According to the Application, the regular price elasticities of demand found at www.ers.usda.gov are reported as:
A. positive numbers. B. negative numbers. C. dollars per unit of foreign currency. D. foreign currency units per dollar.