Microeconomics

Thomas Malthus’ prediction of mass starvation resulting from diminishi

Thomas Malthus’ prediction of mass starvation resulting from diminishing marginal returns has not been fulfilled because A) the law of diminishing marginal returns did not hold in this case. B) Malthus ignored other factors like technological change. C) relative to Malthus’ day, larger percentage of today’s labor works in the agricultural sector. D) All of […]

Read full post

Date: September 9th, 2020

Which of the following statements best describes a production function

Which of the following statements best describes a production function? A) the maximum profit generated from given levels of inputs B) the maximum level of output generated from given levels of inputs C) all levels of output that can be generated from given levels of inputs D) all levels of inputs that could produce a […]

Read full post

Date: September 9th, 2020