According to the law of diminishing returns,
a. Some productions factors are fixed
b. All inputs are variable
c. All inputs are fixed
d. None of the above
a
Economics
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Suppose the price for one gallon of gasoline rises from $3.50 to $4.00 and the price of one gallon of milk rises from $3.00 to $3.20 . If the CPI rises from 120 to 132, then people likely will buy
a. more gasoline and more milk. b. more gasoline and fewer milk. c. less gasoline and more milk. d. less gasoline and fewer milk.
Economics
Changes in the price level
A) increase the level of aggregate supply in the long run. B) decrease the level of aggregate supply in the long run. C) do not affect the level of aggregate supply in the long run. D) increase the level of aggregate supply in the long run only at very high levels of output.
Economics