Diminishing marginal returns occurs:
A. only in the short-run.
B. both the short-run and the long-run.
C. only in the long-run.
D. only in time periods that are neither long-run or short-run.
Answer: A
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If a firm wanted to know whether the demand for its product was elastic, unit elastic, or inelastic, then the firm could
A) survey competitors and ask them what they think demand elasticity is for the product. B) not do anything as there is no way to find an elasticity value. C) change price a little bit and observe what happens to total revenue. D) talk to its customers.
A tax on a good
a. raises the price that buyers effectively pay and raises the price that sellers effectively receive. b. raises the price that buyers effectively pay and lowers the price that sellers effectively receive. c. lowers the price that buyers effectively pay and raises the price that sellers effectively receive. d. lowers the price that buyers effectively pay and lowers the price that sellers effectively receive.
Pollution is an example of an _____________ cost.
Fill in the blank(s) with the appropriate word(s).
The market for Pandas needed in zoos worldwide is an example of a monopoly created by what type of barrier?
a. license b. economies of scale c. control of an essential resource d. none of the above, the market for pandas is not a monopoly