The law of diminishing returns results in:
A. an eventually rising marginal product curve.
B. a total product curve that eventually increases at a decreasing rate.
C. an eventually falling marginal cost curve.
D. a total product curve that rises indefinitely.
Answer: B
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The figure above shows a consumer is indifferent between points
A) d and c. B) a, b, c, d, and e. C) e and d. D) b and a.
If government were to regulate a monopolistically competitive market by setting a single price, a consequence would be:
A. less product variety. B. lower prices in those markets. C. more output supplied to the market. D. All of these statements are true.
Mutual interdependence is an important characteristic of the ________ market structure(s)
a. monopoly b. oligopoly c. monopolistic competition d. perfect competition e. perfect competition and monopolistic
Which of the following generate an income that would be excluded from the GDP of an economy?
a. A professional working in small start-up firm b. A person selling marijuana to patients with medical prescriptions c. A person selling electronic guides to tourists d. A farmer selling oranges to a fruit juice manufacturer