In the above figure, the line labeled "MRPL" also represents the firm's
A. total physical product curve.
B. marginal physical product curve.
C. supply curve.
D. demand curve for labor.
Answer: D
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According to the theory of purchasing power parity, the exchange rate between two countries reflects
A) the interest rates in the two countries. B) the unemployment rates in the two countries. C) government spending in the two countries. D) differences in the overall price levels in the two countries.
Suppose that for a curve, as the variable measured on the x-axis increases, the variable measured on the y-axis decreases. The curve has a ________ slope
A) tangent B) positive C) negative D) hypothetical
The distribution of wealth is skewed in part because people with high wealth
A) save very little. B) tend to marry people with similar wealth. C) have very little skills. D) do not earn much more than those with low incomes.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for laptop computers. Which panel best describes what happens in this market when the price of computer hard drives falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)