________: the cost of capital broadly defined; the price you would have to pay to rent all the inputs used to produce the business's product
Fill in the blank(s) with correct word
Rental rate of capital
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Intuitively, the marginal rate of substitution for X with Y tells us:
A. how much Y a consumer needs to compensate them for a one-unit decrease in X. B. how much X must be taken away from a consumer to compensate them for a one-unit increase in Y. C. how much X a consumer needs to compensate them for a one-unit decrease in Y. D. how much more Y the consumer will buy if the price of Y increases by $1.
Ireland's Balance of Payments (BOP) is an annual statement of:
(a) The international trade position of the Irish Economy; (b) The end of year position of the Irish government's budget; (c) The annual balance sheet view of money inflows and outflows for the Irish economy; (d) None of the above describes the balance of payments.
Which one of the following statements is false?
a. The economically optimal level of production is less than the open-access equilibrium level of production b. The economically optimal level of production occurs at the maximum sustainable yield c. Charging a license fee for access to a common resource will reduce the production level below the open-access equilibrium d. The "tragedy of the commons" is more likely to occur as production effort increases e. A license fee will reduce the incentives for entry into a market
In a monopolistically competitive market, if price is greater than average cost:
A. firms will enter. B. firms will exit. C. there will be no change in the number of firms. D. the market is in long-run equilibrium.