The marginal productivity principle has some relevance to organizing production in a socialist society.
Answer the following statement true (T) or false (F)
True
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Sandy's uncompensated demand for candy is given by the equation Q = 15/p, where Q is the quantity of candy and p is the price. When the price of candy rises from $1 to $3, the change in consumer surplus is
A) $16.5. B) -$20. C) -$15. D) $15.
The reason why consumers may not fight back against trade policy, even though they may be the biggest losers from trade, is because it is easier to organize a ______ group of people around a narrow interest versus a ______ group that has diffuse interests.
a. small; small b. large; large c. small; large d. large; large
If the marginal propensity to consume ( MPC) is 0.5, the value of the multiplier is
A. 4 B. 3 C. 2 D. 5
The law of diminishing marginal product is a statement
A) that concerns changes in variable input and changes in output. B) that concerns the long run. C) that concerns changes in profits. D) that relates to plant size.