The downward sloping marginal revenue product of labor is
A) the firm's supply of labor.
B) the firm's short-run demand for labor.
C) the firm's marginal cost of labor.
D) another term for the marginal revenue product of labor.
Answer: B
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Customers who have long-term relationships with banks
A) pose particular problems with respect to adverse selection. B) pose particular problems with respect to moral hazard. C) often obtain credit at a lower rate or with fewer restrictions. D) are more likely to default or violate restrictive covenants.
If we were to compare the monopolistically competitive firm's long run outcome to that of a perfectly competitive one, we would conclude that the monopolistically competitive firm:
A. creates more total surplus. B. produces less. C. charges less. D. earns greater profits.
Other things the same, if U.S. residents wanted to buy more foreign-made computers and foreign residents wanted to purchase more U.S. bonds then,
a. U.S. net exports and the exchange rate would rise. b. U.S. net exports would rise, but what would happen to the exchange rate is uncertain. c. U.S. net exports would fall, but what would happen to the exchange rate is uncertain. d. U.S. net exports and the exchange rate would fall.
Fill in the table. Assume the fixed cost is $600.
