Output choices are made necessary within a market because of:
A. Inefficient use of resources.
B. High prices for goods.
C. Scarcity of resources.
D. Advancing technology.
Answer: C. Scarcity of resources.
Economics
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Which of the following represents a good example of an oligopoly?
A) the agriculture industry B) a public utility C) the automobile industry D) the restaurant industry
Economics
Gamma has $30,000 of capital per worker, while Omega has $7,500 of capital per worker. In all other respects, the two countries are the same. According to the principle of diminishing returns to capital, an additional unit of capital will ________ in Omega compared to Gamma, holding other factors constant.
A. increase output less B. increase output by the same amount C. increase output more D. have no effect on output
Economics