The demand for an input used in a fixed proportions technology
A) is identical to the demand for the other inputs.
B) is greater than the demand for the end product itself.
C) lies below the demand for the end product itself.
D) is the same as the demand for the end product itself.
C
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Refer to Scenario 1-4. Using marginal analysis terminology, what is another economic term for the incremental revenue received from the sale of the last 500 cigars?
A) sales revenue B) gross earnings C) gross profit D) marginal revenue
If U.S. inflation is 2%, Japanese inflation is 1%, and Mexican inflation is 3%, which of the following is true according to the theory of purchasing power parity?
A) The dollar should rise by 1% versus the yen and fall by 1% versus the peso. B) The dollar should rise by 1% versus the peso and fall by 1% versus the yen. C) The dollar should rise by 1% versus both the peso and the yen. D) The dollar should fall by 1% versus both the peso and the yen.
When a labor market experiences a surplus of labor, there is downward pressure on
a. the supply of labor. b. the final product price. c. wages. d. the demand for labor.
As the level of output increases, what happens to the value of average fixed cost, and what happens to the difference between the value of average total cost and average variable cost?
What will be an ideal response?