Demand and quantity demanded are the same thing
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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In order for the law of diminishing returns to be present, we must have
a. at least one factor of production to be fixed b. output decreasing as more laborers are hired c. the price of labor increasing as more workers are hired d. simultaneous changes in labor and capital e. double the output when labor input is doubled
Economics
Exhibit 10-3 A monopolistic competitive firm in the long run
As presented in Exhibit 10-3, the long-run profit-maximizing output for the monopolistic competitive firm is:
A. zero units per week. B. 200 units per week. C. 400 units per week. D. 600 units per week.
Economics