Diminishing marginal returns imply that marginal cost is falling.
Answer the following statement true (T) or false (F)
False
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To develop a competitive advantage and increase their firm's profitability, managers need to understand what affects their revenues, costs, and their ability to set prices
Indicate whether the statement is true or false
Which of the following can lead to permanent differentials in resource prices?
a. an increase in demand for a product produced by the resource b. differences in the inherent quality of resources c. differences in the time and money involved in developing necessary skills d. differences in the nonmonetary rewards of a job e. a lack of resource mobility
The band Coldplay's funding of 10,000 mango trees in India to help sop up emissions related to the release of their CD, A Rush of Blood to the Head, is an example of fixed-production technology
a. True b. False
Zachary notices that every time he washes his car, it rains the next day. He concludes that washing his car causes the next day's rain. Zachary is
A. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the upcoming rain was responsible for Zachary's decision to wash his car. B. very probably correct in his conclusion that washing his car causes the next day's rain to fall. C. probably misguided in that there is no apparent correlation or causation in this situation. D. definitely confusing correlation with causation.