If not recycled, an input used in production ultimately winds up as a waste product
a. True
b. False
Indicate whether the statement is true or false
True
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The production function is a relationship between the amount of labor employed and
A) the wage rate paid to the workers. B) the maximum quantity of real GDP that can be produced. C) the maximum quantity of nominal GDP that can be produced. D) the amount of labor workers supply. E) all other resources at different levels of employment.
If workers accurately predict the rate of inflation, is there a short-run trade-off between inflation and unemployment, as predicted by the Phillips curve? Why or why not?
What will be an ideal response?
The graph shown best represents:
A. a binding price ceiling.
B. a binding price floor.
C. a missing market.
D. a market for an inferior good.
Firms that are price searchers
a. will eventually find and charge the highest price at which consumers will purchase any units. b. face inelastic demand curves for their products. c. do not confront rival sellers like price takers do. d. face a downward-sloping demand curve.