If the marginal product of labor is positive and increasing, then the total product of labor curve is
a. constant
b. upward sloping and becoming steeper
c. downward sloping and becoming flatter
d. lies above the total cost curve
e. lies below the total cost curve
B
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In most areas, there are a large number of qualified primary care physicians whose services are highly personalized. In addition to price, factors such as age, sex, location, and personality influence the choice of physician. The primary care physician market is probably: a. perfectly competitive
b. oligopolistic. c. monopolistic. d. monopolistically competitive.
The Fed conducts an open market sale of Treasury bills of $5 million. If the required reserve ratio is 0.20, what change in the money supply can be expected using the oversimplified money multiplier?
a. $25 million b. $5 million c. 0 d. ?$5 million e. ?$25 million
Suppose that the price of doughnuts decreases. Given that doughnut holes are a by-product of producing doughnuts, one would expect:
A. the supply of doughnuts to increase. B. the supply of doughnut holes to increase. C. the supply of doughnut holes to decrease. D. the supply of doughnuts to decrease.
Using a flow chart, illustrate the effects of a decrease in government spending (G) in a country with floating exchange rates and highly mobile international capital.
What will be an ideal response?