The law of diminishing returns describes the:
A. relationship between resource inputs and product outputs in the short run.
B. positive relationship between resource inputs and product outputs in the long run.
C. relationship between total costs and total revenues.
D. profit-maximizing position of a firm.
Answer: A
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Owners of a parking lot are deciding whether or not to add more parking spaces to the lot. The owners should increase parking spaces as long as:
a. LRMR=LRMC
b. LRMR>LRMC
c. LRMR
If the government did not provide national defense, explain why you would be more likely to give money to a Girl Scout who knocks on your door to sell cookies than to give money to a volunteer collecting for the provision of national defense
The _____________________: the ratio of a property's annual net income to its value, is a fundamental pricing metric in commercial real estate markets.
Fill in the blank(s) with the appropriate word(s).
The domestic demand and supply for sugar are Qd = 40,000 ? 200P and QSD = 10,000 + 300P. The foreign supply is QSF = 20,000 + 100P. What is the domestic market price of sugar?
A. 18.3 B. 15.0 C. 12.3 D. 16.7