The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition.
Answer the following statement true (T) or false (F)
True
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The interest rate is the price borrowers pay to borrow money.Key interest rates are controlled by the Federal Reserve System.If the Federal Reserve acts to reduce interest rates, economists would expect the quantity of money demanded to
A. increase. B. decrease. C. not change. D. not change, although the demand schedule itself will shift outward.
What assumptions are necessary for a market to be perfectly competitive? Explain why each of these assumptions is important
What will be an ideal response?
The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the domestic quantity supplied will be ________ microwaves.
A. 5,000 B. 4,800 C. 4,500 D. 4,000
A relationship-specific exchange occurs when:
A. specialized investments are important. B. a partnership is dissolved. C. shareholders receive dividends. D. a partnership is initiated.