Recall the Application About Jasper Johns and House Painting to Answer

question 68

Multiple Choice

Recall the Application about Jasper Johns and house painting to answer the following question(s) . In this Application, it is assumed that Johns can earn $5,000 per day by painting works of art, and therefore should hire a house painter who charges $150 per day, and takes 10 days, to paint his house.
-This Application addresses the economic concept of

• A) the marginal principle.
• B) diminishing returns.
• C) specialization and exchange.
• D) real versus nominal costs.

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