If diminishing returns exist, then
A. The total cost curve will be flat.
B. The total cost curve will be negatively sloped.
C. Each unit produced will cost incrementally less to produce.
D. Each unit produced will cost incrementally more to produce.
Answer: D
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Perfect competition is defined as market structure in which:
a. there are many small sellers. b. the product is homogeneous. c. it is very easy for firms to enter or exit the market. d. all of these.
The geographic region in the United States with the highest poverty rate is the South
a. True b. False Indicate whether the statement is true or false
An organization producing a wide range of products is more likely to decentralize its decision making process than a firm operating in a single industry
Indicate whether the statement is true or false
In the modern U.S. economy, most transactions are made with
a. cash. b. gold and silver. c. credit cards. d. checking deposits.