A firm that sells its output and hires its labor in perfectly competitive markets
a. controls the price of its output, but accepts the wage rate it pays as given
b. controls both the price of its output and the wage rate it pays
c. controls the rate it pays, but accepts the price of its output as given
d. accepts both the price of its output and the wage rate it pays as given
e. controls the price of its output, the wage rate it pays, and its own output level
D
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Refer to the figure above. In autarky, the economy would be in general equilibrium at point
A) I. B) D. C) E. D) F.
Over the post-war era, poorer countries grew
A) faster. B) slower. C) stayed the same. D) grew faster, then grew slower. E) No general tendency can be found.
Refer to the above figure. The figure represents the consumption function for a consumer. Point D represents
A) autonomous consumption. B) saving. C) dissaving. D) zero saving.
The law of diminishing returns to an input says that if other inputs are fixed
A. the variable input will eventually decrease with more output. B. output eventually will decrease with increases of the variable input. C. revenue will eventually decrease with increases in the variable input. D. change in output will eventually decrease with increases in the variable input.