Which of the following is a reason that marginal product will eventually begin to fall?
a. effective use of fixed inputs
b. decrease in demand
c. increased specialization
d. limited amounts of fixed inputs
d
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What is the opportunity cost of going from point D to point C?
If the price of hot dogs were to decrease, which of the following changes would we expect to occur in the hot dog bun market?
a. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would increase. b. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would decrease. c. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would increase. d. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would decrease. e. The equilibrium price of hot dog buns would stay the same and the quantity of hot dog buns sold would increase.
If the short-run price elasticity of demand for hospital care is .27, then the long-run price elasticity is expected to be:
A. greater than .27. B. perfectly inelastic. C. less than .27. D. equal to .27.
The quantity theory of money:
A. provides a comprehensive explanation of inflation. B. explains low inflation rates well but does not explain high inflation rates well. C. does not explain inflation in the real world at all. D. explains high inflation rates well but does not explain low inflation rates well.