Which of the following best describes the law of diminishing returns?
a. The principle that beyond some point the marginal product decreases as additional units of a variable factor (ex: labor) are added to a fixed factor (ex: a restaurant kitchen).
b. The concept that as a person consumes more and more of a good, such as pizza slices, that the marginal utility from each additional slice will decline.
c. The empirical fact that the profitability of firms declines in the long run due to increasing competition.
d. None of the above.
Question 2
One explanation for the slope of the aggregate demand curve is that:
a. nominal income falls and so does the demand for goods and services as prices rise.
b. falling prices make people feel poorer and reduce spending.
c. the government spends less to drive the price level back to normal as prices rise.
d. businesses increase spending when inflation is high and rising.
e. domestic goods become more expensive relative to foreign goods when prices rise, reducing exports.
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