At that amount of output where diminishing marginal returns first sets in
A) total product will begin to decline.
B) average product will begin to decline.
C) marginal product will begin to decline.
D) all of the above
Question 2
When the price of a hot dog rises 10 percent, your expenditure on hot dogs increases. Hence, it is certain that
A) hot dogs are a normal good for you.
B) hot dogs are an inferior good for you.
C) your demand for hot dogs is elastic.
D) your demand for hot dogs is inelastic.
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