The Law of Diminishing Marginal Returns is not true under these circumstances:
Constant marginal utility of money, application to money and rare collection.
Constant marginal utility of money, diminishing marginal utility and rationality
Application to money, rare collection and intoxicants
Constant marginal utility of money, intoxicants and rationality
Which of these costs are variable?
Electricity, salaries, oil, commissions
Salaries, transportation, commissions, insurance
Machinery, wages, insurance, maintenance
Transportation, wages, commissions, oil
Order these terms from more competitive to less competitive:
Perfect Competition—Oligopoly—Monopolistic Competition—Duopoly—Monopoly—Pure Monopoly
Perfect Competition—Monopolistic Competition—Oligopoly—Duopoly—Monopoly—Pure Monopoly
Perfect Competition—Monopolistic Competition— Duopoly —Oligopoly—Monopoly—Pure Monopoly
Perfect Competition—Oligopoly— Duopoly — Monopolistic Competition —Monopoly—Pure Monopoly
If long run input is 67% and output is 64% it is...
Economies of scale
Diseconomies of scale
Diminishing returns to scale
Increasing returns to scale
Which of these does not shift demand?
Number of buyers
Market expectations
resource cost
Income of buyers
At what point is a kilo of cheese more elastic?
$0
$1
$2
$5
Which of these is upward sloping in Xed?
Substitutes
Complements
Normal goods
Inferior goods
Which of these is not a possible gain of specialization?
Bigger global market
More variety of products
Prices increase
Higher total output
How is productivity typically measured?
Total amount of money the firm makes
How many utils does the product give the consumer
Input of land and capital
Output per hour worked
Ireland produces 30 units of beer and 10 units of coffee. Colombia produces 10 units of beer and 30 units of coffee. What are the terms of trade?
From 10 to 30
From 1/3 to 1
From 1 to 3
From 3 to 30
