The desire to redistribute income more fairly was one of the major motivations for ______.
a. the Russian Revolution
b. the American Revolution
c. World War I
d. World War II
a. the Russian Revolution
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Which of these is NOT a potential source of inefficiency?
A) external benefits B) increasing marginal costs C) monopoly D) subsidies
The optimum quantity of an input occurs when
A. diminishing returns set in. B. marginal revenue product equals input price. C. marginal physical product equals input price. D. marginal revenue product equals output price.
A fallacy of composition is to assume that
a. you can determine the composition of a complex product just by examining its exterior properties b. consumer durable goods today do not last as long as they did a generation ago c. any mistakes made in producing a product using an assembly line technique will lead to a compounding of errors as the product moves down the line d. what is true for any individual component in a group is true for the group as a whole e. when I was young I liked cotton candy, but now that I'm older I no longer like it
The law of diminishing marginal utility states that total utility increases by smaller and smaller increments as more of a good is consumed
a. True b. False Indicate whether the statement is true or false