In the long-run equilibrium of a competitive market with free entry and exit, firms operate at their __________ scale
Fill in the blank(s) with correct word
efficient
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The government of Poorland increased its expenditure following a recession. This is likely to lead to ________
A) higher interest rates B) an increases in demand for labor C) a decrease in the price level D) lower real wages
How might a court use cross elasticity in an antitrust case?
What will be an ideal response?
For any resource it hires, a firm's marginal revenue product
a. is the change in the firm's total cost divided by the change in employment of that resource b. equals the resource's marginal factor cost c. equals marginal cost d. is the change in the firm's total revenue divided by the change in employment of that resource e. equals the change in the firm's marginal revenue
Assume the price of good Y with its quantity measured on the vertical axis is $100 and the price of good X with its quantity measured on the horizontal axis is $10. If the consumer's budget is $500, then the absolute value of the slope of the budget line is:
A. 500. B. 1/10. C. 10. D. 100.