Use the Following for Questions 53-56

question 53

Multiple Choice

Use the following for questions 53-56.

-(Exhibit: Production of Bagels) Diminishing marginal returns begin with the addition of the ________ worker.

• A) third
• B) fourth
• C) fifth
• D) sixth

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Definitions:

Elasticity of Supply

A measure of how much the quantity supplied of a good changes in response to a change in the price of that good.

Price Elasticity

The degree to which the demand for a good is responsive to changes in its price.

Tax Passed

Occurs when the burden of a tax is shifted from the entity legally responsible for it to another party, such as consumers.

Import Quota

A regulatory measure that sets a physical limit on the quantity of goods that can be imported into a country over a specified period of time.