A profit-maximizing firm will hire units of an input to the point at which
a. MRP > price of the input
b. MRP < MRC
c. MRP = the supply of the input
d. MRP = MRC
e. MRP < the supply of the input
D
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Describe the tradeoffs involved when thinking about setting the time over which a patent grants an innovator exclusive monopoly rights.
What will be an ideal response?
The marginal propensity to consume explains how much of the next dollar of disposable income
A) a household will spend. B) a business will invest. C) the government will spend. D) foreign residents will use to purchase domestic exports.
Which of the following played a role in depressing aggregate demand in 2001?
a. the end of a stock-market bubble b. corporate accounting scandals c. the terrorist attacks on September 11 of that year d. All of the above are correct.
Lawyers are required to pass a comprehensive bar exam to be licensed to practice law. What effect should this have on the number of lawyers, the wages they receive, and the price people have to pay to receive legal services?
What will be an ideal response?