Marginal physical product is
A. the increase in input usage resulting from an increase in revenue.
B. the same as marginal revenue product.
C. equal to average physical product when a monopoly firm is in equilibrium.
D. the increase in output stemming from a one-unit increase in input.
Answer: D
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In the model of an oligopoly with identical (homogeneous) products, what is the price likely to be?
What will be an ideal response?
When people smoke cigarettes, their friends and family members may become sick. This affects GDP by
A. reducing GDP by the amount of medical care needed. B. reducing GDP by the cost of the cigarettes purchased. C. increasing GDP by the cost of the medical care and the cost of the cigarettes purchased. D. decreasing GDP by the cost of the medical care and increasing GDP by the cost of the cigarettes purchased.
If the P/E ratio is equal to 50, it implies that investors in the stock are willing to pay:
a. $25 for every $2 of the earnings that the company generates during a period. b. $100 for every $1 of the earnings that the company generates during a period. c. $500 for every $1 of the earnings that the company generates during a period. d. $50 for every $1 of the earnings that the company generates during a period. e. $5 for every $1 of the earnings that the company generates during a period.
A demand curve
A) slopes down because of the inverse relationship between price and quantity demanded. B) slopes up because of the direct relationship between price and quantity demanded. C) can slope up or down depending on the tastes of the consumer. D) is vertical for necessities, upward sloping for luxury goods, and downward sloping for all other goods.