Refer to Table 11-1. Diminishing marginal returns sets in when the ________ worker is hired
A) 2nd
B) 3rd
C) 4th
D) None of the above; the production function displays increasing marginal returns.
B
Economics
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A bowed out PPF reflects which of the following ideas?
i. Increasing opportunity cost ii. Resources are not equally productive in all activities. iii. Prices of goods increase over time. A) i only B) i and ii C) i and iii D) ii and iii E) i, ii, and iii
Economics
Even though airfares have been increasing, the revenue earned by airlines has declined. Based on this statement, what may be concluded about price, cross-price, or income elasticity of demand?
What will be an ideal response?
Economics