_____ represents a firm's demand curve for labor
a. The value of marginal product
b. Marginal product
c. Marginal revenue curve
d. The horizontal line at the market wage rate
A
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Total variable costs: a. Increase when quantity produced increases
b. Decrease when quantity produced increases. c. Sometime increase and sometime decrease when quantity produced increases. d. Can sometimes be constant over a substantial range of output.
Supply-siders are generally critical of government intervention and regulation, since they believe regulations can be costly impediments to economic growth
a. True b. False Indicate whether the statement is true or false
An increase in the capital stock will:
A. shift the production function downward. B. shift the production function upward. C. flatten the production function. D. steepen the production function.
If the steady-state capital-labor ratio is equal to the Golden Rule capital-labor ratio, then in the steady state,
A. investment per worker is as large as possible. B. output per worker equals depreciation per worker. C. output per worker equals investment per worker. D. consumption per worker is as large as possible.