Bill lives in Montana and likes to grow zucchini. He applies fertilizer to his crops twice during the growing season and notices that the second layer of fertilizer increases his crop, but not as much as the first layer. What economic concept best explains this observation?
a. The law of diminishing marginal utility.
b. The law of diminishing returns.
c. Return equalization principle.
d. The principal-agent problem.
Question 2
As the price level increases, the amount of goods and services that consumers, businesses, and governments desire to purchase will change. This is depicted by:
a. a leftward movement of the aggregate demand curve.
b. a rightward movement of the aggregate demand curve.
c. an upward movement along the aggregate demand curve.
d. a downward movement along the aggregate demand curve.
e. an increase in the slope of the aggregate demand curve.
McCourt and colleagues engineer drought tolerance into crops.
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