A firm that has declining marginal output would be experiencing __________.
Fill in the blank(s) with the appropriate word(s).
diminishing returns
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California is the sole producer of almonds in the United States. Suppose the price for a pound of almonds has increased during the past year. It is also predicted that almond prices will remain high. Over time, we predict that the
A) elasticity of supply will increase. B) elasticity of supply will decrease. C) elasticity of supply will remain constant. D) elasticity of supply will increase and then decrease.
By 1913, steel making by Bessemer converter had been completely surpassed by
(a) continuous casting integrated mills. (b) the Basic Oxygen furnace. (c) electric furnaces. (d) open hearth furnaces.
Comparative advantage is the ability of a country to produce a good at a ________ opportunity cost relative to other countries
a. higher b. lower c. equivalent d. none of the above
Let's be careful about defining our terms properly. Aggregate supply is the total value of
a. goods produced in the manufacturing sector that they are willing and able to supply at varying price levels b. goods and services that firms in the economy are willing and able to supply at varying price levels c. services that suppliers are willing and able to supply at varying price levels d. goods and services less the amount exported that firms are willing and able to supply at varying price levels e. goods and services including imports that firms are willing and able to supply at varying price levels