The additional cost associated with hiring one additional unit of some factor input, such as labor, is referred to as
A) marginal physical product of labor.
B) marginal revenue cost.
C) marginal factor cost.
D) marginal revenue product.
C
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Adam Smith supported the view that ________ greatly influenced its economic growth
A) the culture in a nation B) the institutions in a nation C) the location of a nation D) the geography of a nation
A collusive agreement between two duopolists is similar to the prisoners' dilemma because in both games
A) the best outcome is always achieved. B) each players strategy depends on what the other player does. C) the Nash equilibrium is not the best outcome for the players. D) All of the above answers are correct.
In the figure above, assuming that the firm does not shut down, it will charge a price of
A) $1. B) $2. C) $3. D) $4.
Refer to the data. In equilibrium, the level of consumption spending will be:
(Advanced analysis) Answer the question on the basis of the following consumption and investment data for a private closed economy. Figures are in billions of dollars. C = 60 + .6Y I = I 0 = 30 A. 170. B. 270. C. 160. D. 195.