According to the law of diminishing returns, an additional unit of
A) capital produces more output than an additional unit of labor.
B) labor decreases output.
C) labor produces more output than the previous unit.
D) labor produces less output than the previous unit.
D
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Jane is a dietician in a city that twenty years ago voted to restrict the number of dieticians in the city to five and to regulate their prices
Although the city has tripled in size during that time (and thus demand has increased), no new dietician licenses have been issued. Over the years Jane and the other license holders have begun offering a wide variety of perks to their clients to maintain market share. It is clear that the initial restriction on licenses gave Jane a _____. a. monopoly b. transitional gain c. transitional loss d. sense of security
When a perfectly competitive firm is in long-run equilibrium, it and all other firms are on the lowest point of their average cost curves
Indicate whether the statement is true or false
Which of the following will be most likely to contribute to the growth of a less-developed country?
a. price controls that keep the cost of agricultural products low b. rapid population growth c. exchange rate controls and export restrictions d. secure property rights and low marginal tax rates
"Laboratories of democracy" refers to the fact that having many governments at different levels _____
a. allows for experimentation b. allows for replication of successful policies c. allows for the optimal provision of scientific knowledge d. a and b