Select the group that best represents the basic factors of production
A) land, labor, capital, entrepreneurship
B) land, labor, money, management skills
C) land, natural resources, labor, capital
D) land, labor, capital, technology
A
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The law of diminishing marginal returns implies that, in the short run:
a. output must fall beyond a certain point. b. price must fall beyond a certain point. c. the marginal product of the variable input must eventually decrease. d. wages of workers must eventually increase. e. total cost must fall beyond a certain point.
A tax accountant categorizes costs in conformity with rules of the Securities and Exchange Commission and the Financial Accounting Standards Board so that investors can better compare the records and prospects of different companies
Indicate whether the statement is true or false