"A producer wanting to employ optimal quantity of inputs should choose the point where diminishing returns sets in." True or false?
Indicate whether the statement is true or false
False. The correct rule is marginal revenue product = input price. It pays to go beyond diminishing returns so long as MRP is at least as great as input P, which normally requires going past the point of diminishing returns.
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If Terry sets the agenda for an election, she can possibly manipulate the outcome based on the order of events to be voted on
Indicate whether the statement is true or false
The Third World consists of _____
a. all communist countries b. the nations in the Southern Hemisphere c. all former British colonies d. all non-English-speaking countries e. all less-developed countries
If two goods are considered complements and the price of one decreases then the other good's
A. supply curve will shift to the left. B. supply curve will shift to the right. C. demand curve will shift to the left. D. demand curve will shift to the right.
If prices are not stable:
A. money performs better as a unit of account. B. prices become highly useful for conveying information. C. money becomes less useful as a store of value. D. it may be an inconvenience, but resources are still allocated efficiently.