Economics homework help

Posted on 2013-11-28 15:03:00 in Economics by DAMGIIIRL12

41. If a factory is adding more workers, problems might arise such as workers getting in each other's way or frequently finding themselves waiting for access to a part. In all of these processes, producing one more unit of output will eventually cost increasingly more, due to inputs being used less effectively. This is the best explained by...

a) Rent Control

b) Diminishing Marginal Returns

c) Minimum Wage

d) Government Regulation



42. During the Great Depression, the US Government paid farmers to overproduce their crops in order to combat starvation. Because surplus could not be sold due to overproduction, the government also bought excess supply. These monetary incentives are best known as....

a) excise taxes

b) subsides

c) price ceiling

d) operating cost



45. New Balance Shoes become so popular, the company cannot keep up with demand. Until they open up a new factory and produce more, they will behind of supply. This market "disequilibrium" is also known as ...

a) surplus

b) marginal revenue

c) shortage

d) operating cost

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