Question
Diminishing returns refers to the idea that a. you add more units of a single input and output goes down. b. you face economies of
"Diminishing returns" refers to the idea that
a. | you add more units of a single input and output goes down. | |
b. | you face economies of scale. | |
c. | there's only so much of a good you can produce before a cheaper supplier enters the market. | |
d. | You add more units of a single input,and output increases at a slower rate. |
What might be the best way to encourage the invention of a cure for malaria?
a. | announce a big prize for an effective malaria cure--this would enable rich and poor countries to access a cure the most quickly | |
b. | send out grants to university biomedical departments to do basic research on insect-spred diseases | |
c. | issue patents to the companies that find solutions | |
d. | allow the free market to find a cure. |
A binding price floor in labor markets could account for why there are people unemployed. But what could explain a binding price floor?
a. | the union wage | |
b. | the minimum wage | |
c. | the efficiency wage | |
d. | all of these could be explanations for a binding price floor. |
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