As long as marginal product of labor exceeds the average product of labor, then average product of labor
A) must fall.
B) must rise.
C) will stay unchanged.
D) will be at its maximum value.
Answer: B
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Which of the following lowers the equilibrium price of a canoe?
A) an increase in the supply of canoes B) an increase in the demand for canoes C) an increase in the quantity of canoes supplied D) a decrease in the supply of canoes E) Both answers A and B are correct.
Surplus value that is lost because something is keeping the market from functioning as well as it can is known as ________
Fill in the blank(s) with correct word
Specialization often leads to gains in productivity for society as a whole
a. True b. False
In which of the following ways is monopolistic competition similar to the monopoly market?
a. Both have a vertical demand curve. b. Both have a horizontal demand curve. c. Both have an upward-sloping demand curve. d. Both have a downward-sloping demand curve.