Price tags reduce transaction costs in countries where people's time is more valuable.
Indicate whether the statement is true or false
Question 2
If a firm is experiencing diminishing returns to a variable input, then:
a. it must be hiring less-productive units of the variable resource.
b. it must be experiencing diseconomies of scale.
c. the marginal physical product of the variable input must be decreasing.
d. the average physical product of the variable input must be decreasing.
e. its total product must be decreasing.
Monstrous people from distant lands depicted in a fifteenth-century European woodcut.
Time Line of Human History From Upper Paleolithic Period to the Present
Ten Leading Causes of Death in Low-Income Countries, 2008
More and Less Developed Countries
Saving and Investment Rates of Industrialized Countries, 1960–1974
Survivorship curves for people in the United States in the early 20th and early 21st centuries