A monopolist's marginal revenue curve is flatter than its demand curve
a. True
b. False
B
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The marginal product of labor is the
a. total output produced when one more worker is hired b. change in average output produced when one more worker is hired c. total output per worker when one more worker is hired d. change in total output when one more worker is hired e. maximum quantity of output when one more worker is hired
The consumer's optimum is where
a. MUx/MUy = Py/Px. b. MUx/Py = MUy/Px. c. MUx/MUy = Px/Py. d. None of the above is correct.
The investment demand curve indicates that there is a(n):
A. positive relationship between the real interest rates and the level of investment spending, all other things equal. B. inverse relationship between the real interest rates and the level of investment spending, all other things equal. C. inverse relationship between the determinants of investment and the level of investment spending, holding interest rates constant. D. direct relationship between the real interest rates and the level of investment spending, all other things equal.
In game theory, a strategy
A) is useless, because firms are subject to bounded rationality. B) is useful in static games, but not in dynamic games. C) defines the specific actions a firm will make. D) determines the payoff matrix of the game.