The law of diminishing marginal returns says that
a. total product will eventually remain constant as more of an input is added to production
b. total revenue decreases as output increases, holding technology fixed
c. marginal product eventually falls as more of an input is employed
d. the quantity demanded of a good decreases as its price rises
e. utility falls as more of a good is consumed
C
Economics
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If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then according to the averaging equation, the value of price elasticity of demand in absolute terms is
a. 0.33 b. 2.33 c. 0.25 d. 3 e. 0.66
Economics
What is opportunity cost?
What will be an ideal response?
Economics