If diminishing returns exist, then
A. The total cost curve will be flat.
B. The total cost curve will be negatively sloped.
C. Each unit produced will cost incrementally less to produce.
D. Each unit produced will cost incrementally more to produce.
Answer: D
Economics
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If the four-firm concentration ratio of an industry is
A) near 100, the industry is considered very competitive. B) less than 40, the industry is considered an oligopoly. C) over 40, the industry is considered monopolistic competition. D) less than 40, the industry is considered monopolistic competition. E) close to 0, the industry is considered a monopoly.
Economics
Based on the notation presented in Chapter 2, which of the following expressions represents nominal GDP?
A) Yt B) PtYt C) Yt/Pt D) $Yt/Pt
Economics