If the dollar price of the euro goes from $1 to 90 cents, the euro has
a. appreciated, and Europeans will find U.S. goods cheaper.
b. appreciated, and Europeans will find U.S. goods more expensive.
c. depreciated, and Europeans will find U.S. goods cheaper.
d. depreciated, and Europeans will find U.S. goods more expensive.
D
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Which of the following statements best summarizes the law of diminishing marginal returns?
A) In the short run, as more labor is hired, output diminishes. B) In the short run, as more labor is hired, output increases at a diminishing rate. C) In the short run, the amount of labor a firm will hire diminishes as output increases. D) As more labor is hired, the length of time that defines the short run diminishes.
For a collective consumption good, market demand is found by ______
a. horizontally summing individual demand curves b. vertically summing individual demand curves c. estimating a market demand function based on survey data d. estimating a market demand function based on data from similar goods having market pricing