Kale just ate a whole bag of cashews. This demonstrates that the bag of cashews is ______.
a. a public good
b. rival in consumption
c. asymmetric in consumption
d. a club good
b. rival in consumption
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The law of diminishing returns states that as a firm increases
A) all the inputs is uses, the marginal product of each of these inputs always decreases. B) a variable input, with a given quantity of fixed inputs, the firm's marginal cost eventually decreases. C) a variable input, with a given quantity of fixed inputs, the marginal product of the variable input eventually decreases. D) a variable input, given the quantity of fixed inputs, the firm's average total cost will eventually decrease.
Book publishers often use a cost-plus pricing strategy. One reason for this is
A) bookstores, not publishers, ultimately determine how many books will be produced. B) much of the cost of publishing textbooks is difficult to assign to any particular book. C) publishers do not want to incur the expense of determining the profit-maximizing strategy. They prefer cost-plus pricing because of its lower cost. D) most publishers do not hire economists who can determine the number of books they must sell to equate marginal cost and marginal revenue.
Bonds with ________ tend to have higher interest rates than bonds with ________
A) high liquidity; low liquidity B) high default risk; low default risk C) shorter maturity; longer maturity D) low tax burdens on their interest; high tax burdens on their interest
If workers push for wages that are beyond what productivity gains can justify ________
A) a temporary negative supply shock ensues driving up prices B) a negative output gap ensues which will lead to higher unemployment if the Federal Reserve does not act C) and the Federal Reserve eases monetary policy aimed at increasing aggregate demand to counter the negative supply shock, a price-wage spiral could ensue D) all of the above E) none of the above