The law of diminishing returns explains diseconomies of scale.
Answer the following statement true (T) or false (F)
False
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When will the scale effect of a wage increase cause a fall in the amount of labor employed?
a. Always. b. When labor is not a regressive factor. c. When labor and capital are substitutes in production. d. When labor and capital are complements in production.
Real GDP refers to ________.
A. GDP data that does not reflect changes in both physical output and the price level B. the value of the domestic output after adjustments have been made for environmental pollution and changes in the distribution of income C. GDP data that embodies changes in the price level but not changes in physical output D. GDP data that has been adjusted for changes in the price level
Refer to Figure 4.2. Use best-response analysis to answer the following question
If Ferris's choice placed us in the bowling alley, Sloane's best response, depending on the column she finds herself in, would include choosing all of the following cells except the one located at the ________ section of the appropriate payoff matrix. A) upper right B) upper left C) lower right D) lower left
Reservation price is: a. the maximum amount a customer would be willing to pay for a unit of output. b. the minimum price at which a seller would be willing to supply the product. c. always equal to the marginal cost
d. the same as market price.