The version of the law of diminishing returns that applies to production
A. applies only in the short run.
B. is true only when all inputs are variable.
C. implies that as we add more workers our output decreases.
D. applies in the short and long run.
Answer: A
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Liane maximizes her total utility when she allocates all of her available income such that the marginal utility per dollar spent on each good ________
A) is diminishing B) is maximized C) is the same D) is increasing
In theory, placing a price control on a natural monopoly should:
A. have the same outcome as public ownership. B. create negative economic profits for the company. C. reduce deadweight loss to zero. D. be easy for government to figure out because of easily accessible information.
A contractionary fiscal policy will reduce a government budget deficit or increase a government budget surplus and reduce borrowing by the Treasury.
a. true b. false
the ratio of change in consumption to a change in the income that caused the consumption change
What will be an ideal response?