Graphing the value of marginal product against the quantity of a given input hired looks like which of the following curves?
A. The demand curve
B. The total revenue curve
C. The total product curve
D. The value product curve
Answer: A
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Which of the following is a desirable property of money?
a. Scarcity. b. Portability. c. Divisibility. d. All of these.
Suppose losses cause industry X to contract and, as a result, the prices of relevant inputs decline. Industry X is:
A. a constant-cost industry. B. a decreasing-cost industry. C. an increasing-cost industry. D. encountering X-inefficiency.
Experience rating systems for pricing insurance encourage firms to discriminate against older and disabled workers in their hiring practices.
Answer the following statement true (T) or false (F)
Describe each of the five game types discussed in this chapter (prisoner's dilemma, pure coordination, assurance, battle of the sexes, chicken) in terms of the amount of tension between cooperation and self-interest of the players
What will be an ideal response?