Marginal revenue product for a price taker equals
a. MP ? P
b. MP/MRC
c. MP ? MRC
d. MRC/MP
e. MP/P
A
You might also like to view...
Which of the following bonds are called tax-exempts?
A) Municipal bonds B) U.S. savings bonds C) U.S. Treasury bonds D) Consols
The reason that antitrust laws exist and are enforced is because most economists and politicians believe that
a. every industry should be perfectly competitive b. monopolies do not maximize shareholder value in the long run c. the price and quantity combinations delivered in a perfectly competitive market are both socially desirable and most efficient d. monopolies use their market power to create economies of scale e. small firms are the backbone of American society
Choose the incorrect statement.
A) When the quality of a good improves over time and as a result the price rises, the CPI counts the entire price rise as inflation and so overstates inflation. B) The outlet substitution bias injects an upward bias into the CPI. C) The CPI basket is constantly updated to allow for the introduction of new goods. D) When relative prices change and people substitute to the lower priced good, the CPI ignores the substitution and the CPI overstates inflation. E) All of the above statements are incorrect. C) The CPI basket is constantly updated to allow for the introduction of new goods.
What is the opportunity cost of 1 automobile in terms of tractors for the U.S. and Japan, respectively?
A. 0.5 tractors and 2 tractors
B. 0.5 tractors and 1 tractor
C. 2 tractors and 1 tractor
D. 2 tractors and .25 tractors