The version of the law of diminishing returns that applies to production
A. is true only when all inputs are variable.
B. applies only in the short run.
C. implies that as we add more workers our output decreases.
D. applies in the short and long run.
Answer: B
Economics
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Given the data in the above table, income of $13, a price of $1 for a bottle of water and $2.00 for a hamburger, what is the marginal utility per dollar spent on the fifth hamburger?
A) 10 units of utility B) 8 units of utility C) 6 units of utility D) 4 units of utility
Economics
A smart card is the equivalent of
A) cash. B) savings bonds. C) savings deposits. D) certificates of deposit.
Economics