The law of diminishing returns
A. applies only to agriculture.
B. is another way of stating Parkinson's Law.
C. focuses on marginal output.
D. explains why mass production leads to lower costs.
C. focuses on marginal output.
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The above figure shows Jane's budget line and two of her indifference curves. Which of the following happens to Jane's budget line if the price of a steak dinner fell?
A) It would rotate inward around the vertical intercept, 10 lobster dinners. B) It would rotate outward around the vertical intercept, 10 lobster dinners. C) It would rotate inward around the horizontal intercept, 20 steak dinners. D) It would rotate outward around the horizontal intercept, 20 steak dinners.
In 2011, a number of Canadians purchased homes in Arizona. Which of the following would not be a logical explanation for this?
A) The value of the Canadian dollar relative to the U.S. dollar increased during this time. B) The U.S. dollar appreciated relative to the Canadian dollar during this time. C) The Canadian dollar appreciated during this time. D) The U.S. dollar depreciated during this time.
Taxes:
A. may benefit many of the consumers in the market. B. are sometimes used to correct market failures. C. are sometimes used to transfer surplus from producers to consumers. D. are sometimes used to transfer surplus from consumers to producers.
The midpoint price between $20 and $40 is
a. $10 b. $20 c. $30 d. $15 e. $200