Marginal product of capital
A) is the derivative of the production function with respect to a one unit change in labor.
B) is the derivative of the production function with respect to a one unit change in capital.
C) is the derivative of the marginal cost curve.
D) none of these choices.
B
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All else equal, when oil prices increase, people are ________ to look for oil substitutes. This will ________ the number of years it will take to deplete the stock of oil
A) discouraged; increase B) discouraged; decrease C) encouraged; increase D) encouraged; decrease
Why do you think Uganda has been so successful at decreasing the prevalence of HIV/AIDS?
What will be an ideal response?
Price ceilings
A) cause quantity to be higher than in the market equilibrium. B) always increase consumer surplus. C) may decrease consumer surplus if demand is sufficiently elastic. D) may decrease consumer surplus if demand is sufficiently inelastic. E) always decrease consumer surplus.
A firm's marginal cost has a minimum value of $80, its average variable cost has a minimum value of $90, and its average total cost has a minimum value of $100 . Then the firm will shut down in the short run once the price of its product falls below
a. $100. b. $90. c. $80. d. $40.