The range in which there is diminishing marginal productivity starts at the point where:
a. marginal product reaches its maximum
b. average product reaches its maximum.
c. total product reaches its maximum.
d. marginal product begins to decrease at an increasing rate.
a
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A tax is imposed on the sale of a product. As long as neither the supply nor the demand is perfectly elastic or inelastic
A) there is no change in the price paid by the consumers. B) the price paid by the consumers increases by the full amount of the tax. C) the price paid by the consumers increases by less than the amount of the tax. D) the price paid by the consumers increases by more than the amount of the tax.
Which view of the causes of the Great Depression emphasizes the decline in the money supply which caused aggregate demand for goods and services to shrink, leading businesses to cut production and employment?
(a) The Monetarists' (b) The Keynesians' (c) The Austrians' (d) The International View
Refer to the table below. At a price of $15 per unit, which of the following would exist?
A. A shortage of 1,600 units
B. A surplus of 1,000 units
C. A shortage of 1,000 units
D. A surplus of 600 units
Purchases of Huggies diapers should
A) remain fairly constant over the business cycle. B) increase in recessions and decrease in expansions. C) decrease in recessions and increase in expansions. D) increase in recessions and remain constant in expansions.