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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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