Decreasing returns to scale and diminishing returns differ in that
a. Diminishing returns is a long-run concept while decreasing returns to scale is a short-run concept.
b. Diminishing returns is a short-run concept while decreasing returns to scale is a long-run concept.
c. Diminishing returns is a both short and long-run concept while decreasing returns to scale is a short-run concept.
d. Diminishing returns is a long-run concept while decreasing returns to scale is a short and long-run concept.
Question 2
Auto dealers slash prices at the end of the model year in response to deficient demand/excess inventory but restaurants facing the same problem slash production because
a. auto customers are less price sensitive than restaurant customers
b. price elasticity of demand (in absolute values) is higher for auto than restaurant customers
c. price elasticity of supply is lower in auto than in restaurants
d. restaurant food spoils quickly and is much more perishable
e. price elasticity of supply in autos is smaller than the absolute value of price elasticity of demand but the reverse is true for restaurants
Territory sizes differ among animals.
Urinometer. In this procedure, a urine sample and urinometer are placed within a tube, and the liqui
Scale used to measure pupil size in millimeters.
Tanner Scale
This chart shows the various lines of responsibility and how they differ in presidential and parliam
Increasing/decreasing Functions