Which of the following will not cause the marginal revenue product of labor curve for a firm to shift?
A) an increase in the productivity of workers
B) an increase in demand for the product
C) a decrease in the price of the product
D) an increase in the wage rate
Answer: D
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If the asset market is to remain in equilibrium, then if the money supply increases, output is unchanged, the price level is unchanged, and the expected inflation rate is unchanged, then
A) the real interest rate must rise. B) the real interest rate must decline. C) the nominal interest rate must rise. D) the inflation rate must rise.
If the real gross domestic product (GDP) is $5 trillion for a particular year and the GDP price index is 140, then the nominal GDP is $7 trillion
a. True b. False Indicate whether the statement is true or false
If water quality law prevents the achievement of the efficiency criterion
a. that law must be repealed b. a “second-best” economic solution is to identify cost-effective policy initiatives c. cost-effectiveness is also prevented d. polluting sources should abate up to the point where total social benefits are maximized
Describe the three characteristics of an industry characterized by monopolistic competition.
What will be an ideal response?