If marginal productivity is increasing, then total product is
A) increasing at an increasing speed.
B) increasing at a constant speed.
C) increasing at a decreasing speed.
D) decreasing at an increasing speed.
A
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The above figures show the market for HD televisions. If more firms start to produce HD televisions , which figure shows the effect of this change?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the figures represent this change.
Which of the following are considered factors of production used to produce goods and services?
I. Land II. Labor III. Capital IV. Entrepreneurship A) I and II only B) I and III only C) I, II and III only D) I, II, III and IV
Why do competitive firms enter the market in spite of the price war threatened by the dominant firm?
People with hidden health problems are more likely to buy health insurance than are other people. This is an example of
a. moral hazard and makes the cost of health insurance higher than otherwise. b. moral hazard and makes the cost of health insurance lower than otherwise. c. adverse selection and makes the cost of health insurance higher than otherwise. d. adverse selection and makes the cost of health insurance lower than otherwise.