For given input prices, isocosts closer to the origin are associated with:
A. lower costs.
B. higher costs.
C. initially lower, then higher costs.
D. the same costs.
Answer: A
Economics
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If aggregate planned expenditures are less than real GDP, then
A) inventories increase above their planned levels and businesses increase their production. B) unplanned inventory changes equal zero. C) inventories decrease below their planned levels and businesses increase their production. D) inventories increase above their planned levels and businesses decrease their production. E) there is no equilibrium level of real GDP.
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Diminishing marginal returns means that the firm definitely is experiencing
A) diseconomies of scale. B) constant returns to scale. C) Both answers A and B are correct. D) Neither answer A nor B is correct.
Economics