Refer to the below table. The price of the product being produced by this resource:
A. Is constant at all levels of production
B. Cannot be discerned from the given data
C. Decreases as production increases
D. Increases as production increases
C. Decreases as production increases
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If the market price is $40, the average revenue of selling five units is
A) $8. B) $20. C) $40. D) $200.
A farmer with $1000 worth of crops in the field faces a .10 probability that a hail storm will destroy the value of her crop before she can harvest it. If she is risk averse, the most she would be willing to pay to insure against this loss is
a. $0. b. $10. c. $100. d. $900.
Which of the following statements is true?
A) The main items that comprise indirect business taxes include excise taxes, income taxes, and property taxes. B) Capital consumption allowance is also known as depreciation. C) A sales tax is an example of an indirect business tax. D) b and c E) a, b, and c
The law of diminishing marginal productivity implies that opportunity cost:
A. is constant as all inputs are increased to produce successive units of output. B. increases as all inputs are increased to produce successive units of output. C. increases as one input is increased to produce successive units of output. D. is constant as one input is increased to produce successive units of output.