As the amount of a variable input increases, while all other inputs are held constant, total product will
A) always increase.
B) always decrease.
C) initially decrease and then increase.
D) initially increase and then decrease.
Answer: D
Economics
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Refer to the above figure. S1 is the supply curve that includes only private costs. S2 is the supply curve that includes social costs. The free market rate of output is ________ and the corrected, socially optimal amount of output is ________
A) Q4; Q1 B) Q2; Q1 C) Q4; Q2 D) Q2; Q4
Economics
Explain how each of the following could discourage economic growth:
a. The government closes all of the schools so that more people will be available for work. b. The country fears military invasion and spends half of its income on military goods.
Economics