The law of diminishing marginal returns is seen in the
A) calendar year.
B) short run.
C) long run.
D) market horizon.
B
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If the price of TVs produced by XYZ-TV Company falls from increases from $1,000 to $1,250 per TV set, then the:
A. supply of labor to the XYZ-TV Company decreases. B. supply of labor to the XYZ-TV Company increases. C. demand for labor by the XYZ-TV Company decreases. D. demand for labor by the XYZ-TV Company increases.
Who gains surplus when consumers in a market are given a Pigouvian subsidy for a positive externality?
A. Consumers B. Producers C. Others affected by the externality D. Both consumers and producers gain surplus.
Suppose that the price of a pizza is $10 and that the price of a blouse is $30 . At her present level of consumption, Magda's ratio of marginal utility of pizza to marginal utility of blouses is 1/4 . To maximize total utility, she should
a. buy more pizzas and fewer blouses b. buy fewer pizzas and more blouses c. continue to buy the same quantities of pizza and blouses d. spend more time consuming pizza e. spend more time buying blouses
Macroeconomics differs from microeconomics in that:
A. macroeconomics is the study of individual markets, while microeconomics deals with the nation's economy as a whole. B. microeconomics is the study of individual markets, while macroeconomics deals with the nation's economy as a whole. C. macroeconomics focuses principally on social and political issues, while microeconomics involves the study of a nation's monetary system. D. microeconomics focuses principally on social and political issues, while macroeconomics involves the study of a nation's monetary system.