If marginal output is rising it is possible to have
A. diminishing returns.
B. negative returns.
C. both diminishing returns and negative returns.
D. neither diminishing returns nor negative returns.
D. neither diminishing returns nor negative returns.
Economics
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In general, the supply curve for a natural resource
A) slopes upward. B) slopes downward to reflect decreasing available quantities over time. C) is horizontal. D) is vertical.
Economics
A tax rate system characterized by higher marginal tax rates as income increases is known as
A) a progressive tax system. B) a regressive tax system. C) a proportional tax system. D) a flat-rate tax system.
Economics