When isoquants get progressively closer together there is
a. increasing returns to scale
b. decreasing returns to scale
c. constant returns to scale
a
Economics
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The law of demand states that, other things equal:
A. price and quantity demanded are inversely related. B. the larger the number of buyers in a market, the lower will be product price. C. price and quantity demanded are directly related. D. consumers will buy more of a product at high prices than at low prices.
Economics
Refer to the information provided in Table 33.2 below to answer the question(s) that follow.
Table 33.2
Refer to Table 33.2. The most that Thailand will be willing to pay for a tractor is
A. 5 motorcycles. B. 10 motorcycles. C. 15 motorcycles. D. 20 motorcycles.
Economics