Total product will start to decrease
A. when marginal physical product becomes negative.
B. when marginal physical product increases.
C. when average physical product decreases.
D. at the quantity where the law of diminishing returns starts.
Answer: A
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A seller who wishes to increase the revenues should always increase the price of the product.
Answer the following statement true (T) or false (F)
If a city decides to lift restrictions on how many taxi cabs can operate, social welfare will increase
Indicate whether the statement is true or false
Most state governments finance their budgets through ____, and most local governments finance their budgets through ____
a. income taxes; property taxes b. property taxes; sales taxes c. sales taxes; property taxes d. income taxes; sales taxes
Which statement is true?
A. Because they are the only seller in the industry, the monopolist does not have to lower their price to sell more output. B. Most firms in the United States are monopolies. C. Unlike the perfect competitor, the monopolist does not necessarily produce at that output where MC = MR. D. None of these statements are true.