A firm's marginal product curve slopes downward throughout its length
a. True
b. False
Indicate whether the statement is true or false
False
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If the government increases its purchases of goods and services by $3,000 and the MPC is 0.8, GDP and income will eventually increase by
A) $2,400. B) $6,000. C) $15,000. D) $24,000.
The exchange-rate arrangement that emerged from the Bretton Woods conference is often called a managed float standard
a. True b. False Indicate whether the statement is true or false
If the marginal cost of producing steel exceeds the marginal utility of using steel, then for economic efficiency,
A. the price of steel should fall. B. society should produce less steel. C. the price of goods made with steel should fall. D. society should direct resources toward steel production and away from the production of other goods.
The rule of MC = MR does not apply to a monopolist.
Answer the following statement true (T) or false (F)