When the price of a product decreases, the marginal revenue product curve in a perfectly competitive market
A. becomes steeper.
B. shifts to the left.
C. shifts to the right.
D. does not change.
Answer: B
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Physical capital refers to stocks and bonds
Indicate whether the statement is true or false
After a hurricane in Florida knocked out the regional water supply for several days, the demand for bottled water increased sharply. In a market economy, how will this increase in demand affect the equilibrium price and quantity of bottled water?
a. Price will increase, and quantity will decrease. b. Price will decrease, and quantity will decrease. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will increase.
Because of scarcity,
A.) choices must be made. B.) there are not enough goods and services to satisfy everyone. C.) there are plenty of goods to go around. D.) Both A and B are true.
Money is functioning as a store of value when you
A. Save your cash to pay for tuition next semester. B. Pay your tuition in installments rather than all at one time. C. Take out a student loan to buy books. D. Use it to compare the cost of tuition 10 years ago to the cost today.