________ involves undertaking an activity until its marginal benefits equal marginal costs

The law of diminishing product states that if increasing quantities of a variable factor are applied to a given quantity of fixed factors, then:

a) the MP and the AP of the variable factor will eventually decrease. b) TP will eventually begin to fall. c) the AP will eventually decrease, but only if TP is held constant. d) the MP will eventually decrease with constant AP. e) the AP will eventually decrease with constant MP.

Many Southern farmers face a choice between planting peanuts or cotton. In 2014, farmers anticipated higher prices for cotton

In the market for peanuts in 2014, there would be ________ in the supply of peanuts, which leads to ________ in the price of peanuts and ________ in the quantity of peanuts. A) a decrease; an increase;a decrease B) an increase; a decrease; a decrease C) a decrease; an increase; an increase D) an increase; an increase; a decrease