The law of __________: as successive units of a variable resource are added to a fixed resource, the marginal product of the variable resource will eventually decline.
Fill in the blank(s) with the appropriate word(s).
Answer: diminishing returns
You might also like to view...
A merger will be challenged by the FTC in a market where the Herfindahl-Hirschman Index (HHI) is ________, and the merger would increase it to ________
A) 2,900; 3,100. B) 1,700; 1,760 C) 800; 950 D) 2,000; 2,040
Abby, Bobbi, and Deborah each buy ice cream and paperback novels to enjoy on hot summer days. Ice cream costs $5 per gallon, and paperback novels cost $8 each. Abby has a budget of $80, Bobbi has a budget of $60, and Deborah has a budget of $40 to spend on ice cream and paperback novels. Who can afford to purchase 4 gallons of ice cream and 5 paperback novels?
a. Abby, Bobbi, and Deborah b. Abby only c. Abby and Bobbi, but not Deborah d. None of the women can afford to purchase 4 gallons of ice cream and 5 paperback novels.