State the law of diminishing marginal returns
What will be an ideal response?
As more units of a variable input are used in conjunction with a fixed input, the extra output of the variable input will eventually begin to decrease and continue to decrease as more units are used.
You might also like to view...
Along a supply curve,
A. supply changes as price changes. B. quantity supplied changes as price changes. C. supply changes as technology changes. D. quantity supplied changes as technology changes.
If the dollar depreciates relative to the Mexican peso,
A) U.S. exports to Mexico become more expensive. B) U.S. exports to Mexico become less expensive. C) Mexican imports to the United States become less expensive. D) The value of Mexican imports to the United States does not change, but the value of U.S. exports to Mexico increases.
The curve that shows the quantity of goods and services that firms produce and sell
a. as it relates to the quantity of goods and services that buyers want to buy is called the aggregate-demand curve. b. as it relates to the quantity of goods and services that buyers want to buy is called the aggregate-supply curve. c. as it relates to the overall price level is called the aggregate-demand curve. d. as it relates to the overall price level is called the aggregate-supply curve.
Today, in the United States, imports are about
A. 60 percent of GDP. B. 30 percent of GDP. C. 16 percent of GDP. D. 8 percent of GDP.