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
The pH scale and the relative acidities of common substances
Deimos in color on February 21, 2009 by the same (not to scale)
Earth’s history is divided into nested sets of time--eons, eras, periods, and epochs--and is called
An electronic scale.
The Effect of Using a Ratio Scale
Measuring the client’s weight with a standard platform scale