Given the table below, if capital is fixed at one unit, diminishing returns begin with the
Amount of total output produced from various combinations of labor and capital.
A. first unit of labor.
B. second unit of labor.
C. third unit of labor.
D. fourth unit of labor.
E. none of the above
Answer: C
Economics
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When you discover money in your coat that you placed there last winter, you unexpectedly find you were using money as a(n)
A) medium of exchange. B) unit of account. C) factor of production. D) store of value.
Economics
As DVDs become popular substitutes for video cassettes, demand for video cassettes is likely to
a. become less price elastic b. become more price elastic c. increase d. stay the same e. become unit elastic
Economics