Answer the next question based on information in the following table.ProductPercentage Change in IncomePercentage Change in Quantity DemandedW?1?1X+6+3Y?1+1Z+4+8Which product would be an inferior good?
A. product W
B. product X
C. product Y
D. product Z
Answer: C
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As the quantity of labor employed decreases, the value of marginal product diminishes
Indicate whether the statement is true or false
Harry's Hotdogs is a small street vendor business owned by Harry Huggins. Harry is trying to get a better understanding of his costs by categorizing them as fixed or variable. Which of the following costs are most likely to be considered fixed costs?
a. the cost of mustard b. the cost of hotdog buns c. wages paid to workers who sell hot dogs d. the cost of bookkeeping services
The investment demand curve will shift to the right as a result of a(n):
a. Decrease in the acquisition and maintenance cost of capital goods b. Increase in the excess productive capacity available in the industry c. Increase in taxes businesses pay to government d. Decrease in the confidence of business leaders about the economy
The rate of production at which marginal revenue equals marginal cost is
A. the firm's shutdown point. B. the point where profits are maximized. C. what determines the equilibrium price in the market. D. a point of negative profits for the firm.