The law of diminishing marginal product is responsible for
A) economies of scale.
B) constant returns to scale.
C) diseconomies of scale.
D) none of the long-run relationships.
Answer: D
Economics
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The circular flow is used to make the point that
A) unemployment only occurs during a recession. B) production generates income. C) rising prices never occur during times of unemployment. D) households purchase factors of production from firms.
Economics
The total demand for a public good is found by
A) horizontally summing all individual demands. B) vertically summing all individual demands. C) finding the demand from the median voter. D) dividing the marginal cost of the good by the number of voters.
Economics