In which zone does the total physical product reach it maximum value?
a. Increasing marginal return
b. Negative marginal return
c. Diminishing marginal return
d. Decreasing total physical product
c
Economics
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In any society, an effective system of property rights would not be possible without
A) the cooperation of other people. B) the entire legal system to adjudicate them fairly. C) the police to enforce them. D) non-property (public rights).
Economics
In market capitalism:
A) factors of production are privately owned and decisions are made privately. B) factors of production are owned by the government but decisions are made privately. C) there is no role for government. D) the consumer has few choices to make.
Economics