The law of diminishing returns means that
a. total output will increase, but at a diminishing rate
b. marginal product will increase, but at a diminishing rate
c. total cost will increase, but at a diminishing rate
d. total revenue will increase, but at an increasing rate
e. total output will decrease
A
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The market demand curve for coffee is the same as the
A) marginal social cost curve of coffee. B) marginal social benefit curve of coffee. C) opportunity cost curve of coffee. D) marginal social benefit curve minus the marginal social cost curve of coffee.
In which of the following examples cited in the text is there the least amount of evidence of the potential for input substitution?
A) Automobile production. B) Pipe organ production. C) French fry production. D) Production of health care services.