Refer to the graph shown.
Marginal product is negative at point:
A. A.
B. B.
C. C.
D. D.
Answer: A
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The economic way of thinking would approach the question "Is this industry competitive?" by
A) counting the number of firms in the industry. B) comparing the ratio of prices to costs across the industry. C) assessing the freedom of entry into the industry. D) evaluating the actual structure of the industry to the competitive standards articulated in antitrust legislation.
Which of the following is a possible reason for a comparatively steeper demand curve for health care? a. A large increase in the price of health care leads to a more than proportionate fall in the quantity demanded for health care. b. The demand curve for health care is comparatively steeper than other products, because health care is a Giffen good. c. A change in the price of health care
leads to no change in the profit earned by the suppliers. d. A large increase in the income of households leads to a less than proportionate increase in the quantity demanded. e. A large increase in price does not cause a reduction in the purchase of health care by the same proportion.
The phenomenon known as the tragedy of the commons occurs whenever:
a. the private sector owns resources and manages them tragically. b. the government owns resources and manages them tragically. c. there is no ownership of resources, so they become depleted due to lack of management. d. two countries own the same resource and cannot agree on its management.
Ceteris paribus means
A) other variables are held constant. B) almost certainly. C) only if everything works just right. D) perhaps.