Refer to the information provided in Table 7.5 below to answer the question that follows.Table 7.5L012345Q01530456075Refer to Table 7.5. Suppose output varies, ceteris paribus, with labor input in the manner displayed in the table above. After how many units of labor do diminishing returns set in?
A. 3
B. 4
C. 5
D. They do not set in.
Answer: D
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To conduct open market operations, the FOMC issues a directive to
A) the trading desk at the Federal Reserve Bank of New York. B) the Board of Governors in Washington, D.C. C) the presidents of the district banks. D) the chairman of the New York Stock Exchange.
A demand schedule shows
a. the "market potential" for a product. b. how much consumers are willing and able to buy at different prices. c. possible combinations of output under different conditions. d. how much producers would like to sell at different prices. e. All of the above are correct.
Mortgage
What will be an ideal response?
An advance in farm technology that results in an increased market supply is
a. good for farmers because it raises prices for their products but bad for consumers because it raises prices consumers pay for food. b. bad for farmers because total revenue will fall but good for consumers because prices for food will fall. c. good for farmers because it raises prices for their products and also good for consumers because more output is available for consumption. d. bad for farmers because total revenue will fall and bad for consumers because farmers will raise the price of food to increase their total revenue.