Which of the following is not an example of intermediate goods or services?
a. Steel used in the manufacture of cars
b. Pizzas bought at a restaurant
c. Legal services hired by a public accounting firm
d. Glass used to manufacture sunglasses
e. Vegetables used by a restaurant
b
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Refer to Scenario 3. Diminishing marginal returns are incurred when output is increased from:
A) 1 to 2 units of output. B) 2 to 3 units of output. C) 3 to 4 units of output. D) 4 to 5 units of output.
The problem with efficient component pricing is that it can invite entry that is inefficient
Indicate whether the statement is true or false
Longer time frames generally result in less elastic supply
a. True b. False Indicate whether the statement is true or false
The substantial increases in output per worker over the last 50 or so years are largely explained by __________
Fill in the blank(s) with correct word