The above table shows the short-run production function for Albert's Pretzels. The law of diminishing marginal product
A) appears with the second worker.
B) has not yet appeared for any of the levels of labor.
C) first appears with the fifth worker.
D) is refuted by this evidence.
A
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If no foreign companies produce in a country, but many of the country's companies build products in foreign countries, then it is safe to say that _____.
(A) The country's GDP and GNP are equal. (B) The country's GDP is greater than its GNP. (C) The country's GDP is equal to its national income. (D) The country's GNP is greater than its GDP.
Assume declining profits in the market for Internet service force several firms in the area to drop out of the market. All else constant, this would cause the:
A) equilibrium price and quantity to decrease. B) equilibrium price and quantity to increase. C) equilibrium price to increase and equilibrium quantity to decrease. D) equilibrium price to decrease and equilibrium quantity to increase.