Were it not for the law of diminishing marginal returns, we could grow the world's food supply from a flowerpot
Indicate whether the statement is true or false
True . Given the current state of technology, the law of diminishing marginal returns limits the amount of additional output yielded from additional labor working the flowerpot. Revoking the "law" would allow output to increase at a non-decreasing rate when more labor is applied to the flowerpot.
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The above table gives the demand schedule and the supply schedule for housing in Anytown, U.S.A. If a rent ceiling of $600 was imposed in the housing market, then
A) there would be a surplus of apartments. B) there would be a shortage of apartments. C) the market would reach equilibrium at the quantity of 60 housing units. D) the supply of housing would increase.
Holding all else constant, an increase in consumption taxes, such as sales taxes or a VAT, will ________ the price of consumption goods and ________ output
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease