The law of diminishing marginal returns says that as additional units of a variable input are added to
a. fixed amounts of other inputs, total output will eventually remain constant
b. varying amounts of other inputs, total output will eventually decline
c. fixed amounts of other inputs, the resulting increases in total output will eventually become smaller
d. varying amount of other inputs, the resulting increases in total output will eventually become smaller
e. a declining amount of output, technology will eventually deteriorate
C
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In the early twentieth century, general stores in the upper Midwest had more power over prices because:
a. they acted as intermediaries between farmers and buyers. b. the transportation network was bad, leaving farmers and buyers with no alternatives except the general stores in small towns. c. inventories at the general stores were low and demand was high. d. stockouts were a chronic problem and there was little variety.
When someone borrows to purchase capital goods, he is using someone else's _____ to fund his _____
Fill in the blank(s) with correct word