________: the change in revenue earned by the business as it employees an additional unit of an input, holding other resource use constant
Fill in the blank(s) with correct word
Marginal value product
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Australia has one of the most heavily subsidized agricultural sectors as a percentage of domestic GDP
Indicate whether the statement is true or false
The production possibilities frontier represents all desirable combinations of two goods
a. True b. False
What were the three unconventional policy approaches used by the Fed during the financial crisis of 2007-2009?
What will be an ideal response?
The perfectly competitive model makes a lot of fairly unrealistic assumptions. Why do economics textbooks still talk a lot about this model?
A) Many markets are close to being perfectly competitive. B) It is an important model to use as a benchmark to compare other markets structures to. C) Perfectly competitive markets maximize societal welfare. D) All of the above.