Suppose you spend five hours studying for your final exam. In the first hour, you manage to review five pages of notes. In the second hour, your understanding of the first five pages allows you to cover seven additional pages. In the third hour, you cover five additional pages. In the fourth hour, you cover only two pages. By the fifth hour, you are so tired that you start to confuse yourself with what you have learned. Which economic concept best illustrates what you have just experienced? a. Law of diminishing returns b. Production function c. Short run d. Economic efficiency

Suppose you spend five hours studying for your final exam. In the first hour, you manage to review five pages of notes. In the second hour, your understanding of the first five pages allows you to cover seven additional pages. In the third hour, you cover five additional pages. In the fourth hour, you cover only two pages. By the fifth hour, you are so tired that you start to confuse yourself with what you have learned. Which economic concept best illustrates what you have just experienced? a. Law of diminishing returns b. Production function c. Short run d. Economic efficiency

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 9QP

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