The marginal product of the variable input
A) is always positive.
B) typically falls then rises.
C) is equal to the total product divided by the total amount of the variable input employed.
D) None of the above
D
Economics
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Demand is said to be inelastic when
A. the absolute value of the price elasticity of demand exceeds 1. B. an increase in price results in a reduction in total revenue. C. a reduction in price results in an increase in total revenue. D. a reduction in price results in a decrease in total revenue.
Economics
According to economists, the satisfaction people get from their consumption activities is called:
A. a need. B. demand. C. a want. D. utility.
Economics