Which of the following best explains why increasing marginal costs of production arise?1)2)3)4)The factor endowments vary across countries.All the factor inputs are not fully utilized in the production of different commodities.Different consumers have different taste and preference sets.Different commodities use inputs in different proportions.On July 21st, 2005, the Chinese government changed the value of the yuan from 8.28 yuan per U.S.dollar to 8.11 yuan per U.S. dollar. One effect of this change should have been1)an increase in the prices of American goods in the Chinese market.2)an increase in the dollar price of the Chinese goods.3)a decline in the average price level in the United States4)market pressure to return the rate to 8.28 yuan per dollar.

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Which of the following best explains why increasing marginal costs of production arise? 1) 2) 3) 4) The factor endowments vary across countries. All the factor inputs are not fully utilized in the production of different commodities. Different consumers have different taste and preference sets. Different commodities use inputs in different proportions.

Which of the following best explains why increasing marginal costs of production arise? 1) 2) 3) 4) The factor endowments vary across countries. All the factor inputs are not fully utilized in the production of different commodities. Different consumers have different taste and preference sets. Different commodities use inputs in different proportions.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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