One of the determinants of real GDP is output per hour of labor. This statistic is called labor
a. force growth.
b. productivity.
c. force participation.
d. force input.
b
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If firms in monopolistic competition are earning economic profits, eventually
A) they shut down. B) they exit the industry. C) the market turns into a monopoly. D) new firms enter the industry. E) the firms in the market increase their production so that their economic profit disappears.
Which of the following is true for the law of demand?
A. Sellers increase the quantity of a good available as the price of the good increases. B. An increase in price results from false needs. C. There is an inverse relationship between the price of a good and the quantity of the good demanded. D. Prices increase as more units of a product are demanded.
The multiplier process can occur when a decrease in investment spending
A. Increases household saving, causing consumers to buy more goods and services. B. Increases household incomes, causing consumers to buy fewer goods and services. C. Reduces household incomes, causing consumers to buy more goods and services. D. Reduces household incomes, causing consumers to buy fewer goods and services.
Macy's spent $1 million to set up a customer surveillance system and spends $80,000 a year to maintain it. What would be the AVC and ATC of the system if it watched (a) 100,000 customers a year? (b) 1 million customers a year?
What will be an ideal response?