The principle that "as one input increases while the other inputs are held fixed, output increases at a decreasing rate" is known as the
A) marginal principle. B) principle of diminishing returns.
C) principle of opportunity cost. D) spillover principle.
B
Economics
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A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good?
What will be an ideal response?
Economics
Assume the following: M = $500; V = 10; and Q = 500. From the equation of exchange, the value of P is
a. $20. b. $10. c. $15. d. $5.
Economics