Refer to the accompanying table. The law of diminishing marginal returns becomes evident after ________ units of output are produced. Output Per DayNumber of Employees Per Day00331662994132716511
A. 99
B. 33
C. 132
D. 66
Answer: D
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In a market economy, which of the following would most likely cause a prolonged grain surplus?
a. a decrease in the demand for grain b. an increase in the supply of grain c. imposition of a price floor above the equilibrium price of grain d. imposition of a price ceiling below the equilibrium price of grain
The role of the entrepreneur in society is to:
A. Provide capital to the firm which the management combines with labor B. Bring the factors of production together and take the risks of producing C. Control the land upon which all production takes place to get the most rent D. Regulate what products are considered safe to market
Fixed costs are also known as __________ costs because they are much harder for a business to change.
A. variable B. static C. short-term D. long-term
Suppose that your demand schedule for CDs is shown in the table below.
A) Your total utility from 4 CDs would be _____.
B) Your marginal utility from the fourth CD would be _____.
C) If the price were $2, your consumer surplus would be _____.