The second stage of production illustrates the concept of____________, the stage where output increases at a diminishing rate as more units of a variable input are added.

When the cross-price elasticity of demand for two goods is a positive number, one can correctly conclude that:

a. the goods are normal goods. b. the goods are inferior goods. c. the goods are substitutes. d. the goods are complements. e. total revenue will increase when the price increases.

The future value of a deposit in a savings account will be smaller

a. the longer a person waits to withdraw the funds. b. the lower the interest rate is. c. the larger the initial deposit is. d. All of the above are correct.