Wages and labor are inversely related for people who value leisure more than work
Indicate whether the statement is true or false
F
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Coal is an example of
A) a nonrenewable natural resource. B) a renewable natural resource. C) capital. D) a casual resource.
According to economists, the fixed-price model of macroeconomic equilibrium depicts the modern economy most closely because it assumes that aggregate supply is independent of price
a. True b. False Indicate whether the statement is true or false
The silly clothes worn by a circus clown are an example of
a. market inefficiency b. capital goods c. labor, if it is used by labor exclusively d. human capital e. entrepreneurship, if the clown becomes more creative wearing the clothes
Technically speaking, average revenue is
a. price × marginal revenue b. total revenue/quantity c. total revenue/total cost d. marginal revenue/marginal cost e. price × marginal cost