As marginal physical product diminishes, marginal revenue product
A. Rises at a diminishing rate and eventually falls.
B. Also diminishes.
C. Rises.
D. Is not affected.
Answer: B
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Two-dimensional graphs have a horizontal and a vertical axis and are used in economics to illustrate
A) relationships between two economic variables. B) a pie chart. C) a flow chart. D) one variable.
We know that products G and H are related goods, because when the price of G increases,
A) the demand curve for H will shift to the right, because G and H are complementary goods. B) the quantity of H demanded will shift along its demand curve, because G and H are complementary goods. C) the demand curve for H will shift to the left, because G and H are complementary goods. D) the demand curve for H will remain unchanged because G and H are substitute goods.