(Consider This) If the law of diminishing returns applies to study time:
A. the tenth hour of study will likely be less productive than the third.
B. this implies that longer lectures are less productive than shorter ones.
C. there is no benefit to studying a subject more than five hours in any given day.
D. people with less intelligence necessarily experience diminishing returns sooner than those
with greater intelligence.
Answer: A
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In the Keynesian consumption function
a. consumption is a constant fraction of income. b. the marginal propensity to consume is constant. c. disposable income determines consumption. d. All of the above e. None of the above
What is the short-run break-even price? What are economic profits at this price? Why would a firm be willing to operate permanently at this price?
What will be an ideal response?