If we add successive laborers to work a given amount of land on a wheat farm, eventually
A) average total cost will fall to zero.
B) the increases in wheat harvested will rise at a constant rate.
C) the increases in wheat harvested will get smaller and smaller.
D) the increases in wheat harvested will get larger and larger.
Answer: C
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If prices increase rapidly
A) money's usefulness as a store of value is diminished. B) money increases in value. C) deflation is likely. D) prices will decline to their normal level.
The supply of eggs comes from chickens. The price of eggs will decrease if
A) the supply of chickens decreases. B) the supply of eggs decreases. C) the price of chickens increases. D) the demand for eggs decreases.
All food bought in the United States has an ingredient list on the packaging. This is an example of:
A. screening. B. signaling. C. requiring the more informed party to reveal missing information. D. building a reputation.
If a monopolist is producing at that output where price equals average variable cost in the short run, then it is earning a negative profit
a. True b. False Indicate whether the statement is true or false