Category: Economics

The Law of Diminishing Marginal Returns states that:
Group of answer choices
If at least one input is fixed, as we increase the variable input, we will eventually reach a point where the extra output generated by a one-unit increase in variable input starts to get smaller and smaller.
If at least one input is fixed, as we increase the variable input, we will eventually reach a point where the total output generated by variable input starts to get smaller and smaller.
If all inputs are variable, as we increase these variable inputs, we will eventually reach a point where the extra output generated by a one-unit increase in variable input starts to get smaller and smaller.
If at least one input is fixed, as we increase the variable input, we will eventually reach a point where the extra output generated by a one-unit increase in variable input starts to get bigger and bigger.

You have exams in economics and chemistry coming up and 5 hours available for studying. The following table shows the trade-olfs you face in allocating the time you will spend in studying each subject.
Hours Spent Studying and Midterm Scores
Choice
Hours Spent Studying Economics
Hours Spent Studying Chemistry
Economics Midterm Score
Chemistry Midterm Score
A
5
0
97
74
B
4
1
95
83
C
3
2
92
89
D
2
3
88
93
E
1
4
83
95
F
0
5
77
96
Use the multipoint curve drawing tool to plot a production possibilities frontier showing the trade-off between your economics grade and chemistry grade. Plot all choices A through F. Properly label this curve.
Carefully follow the instructions above, and only draw the required objects. After plotting the final point of your multipoint curve, press the Esckey or use a long press on the last point to end the line
Please be ADVISED on the correct numbers A:97/74 B95/83 C92/89 D88/93 E83/95 F77/96

Use the following to answer questions 37-29
Answer the next question(s) on the basis of the information given in the following table:
Employment
Total Product
Price
0
0
53
1
12
3
2
22
3
3
30
3
4
35
3
5
40
3
6
42
3
Refer to the above data.
1.
This firm is:
selling its product in a purely competitive market.
selling its product in an imperfectly competitive market.
hiring workers in a purely competitive market.
hiring workers in an imperfectly competitive market.
2.
If the firm is hiring workers under purely competitive conditions at a wage rate of $22, it will employ:
1 worker.
2 workers.
3 workers.
4 workers.
3.
If the firm is hiring workers under purely competitive conditions at a wage rate of $10, it will employ:
2 workers.
3 workers.
4 workers.

Table 18-6Two home-improvement stores (Lopes and HomeMax) in a growing urban area are interested in expanding their market share. Both are interested in expanding the size of their store and parking lot to accommodate potential growth in their customer base. The following game depicts the strategic outcomes that result from the game. Increases in annual profits (in millions of dollars) of the two home-improvement stores are shown in the following figure.
Refer to Table 18-6. Suppose the owners of Lopes and HomeMax meet for a friendly game of golf one afternoon and happen to discuss a strategy to optimize growth related profit. They should both agree toincrease their store and parking lot sizes.refrain from increasing their store and parking lot sizes.be more competitive in capturing market share.share the context of their conversation with the Federal Trade Commission.

What is discussed in paragraph 8 as some of the ultimate results of war?
Thucydides Peloponnesian War