The individual demand curve for an input such as labor to a firm would be the downward sloping portion of the firm's
A) marginal physical product curve.
B) marginal revenue product curve.
C) marginal revenue curve.
D) total revenue curve.
B
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Refer to the above figure. Line EBD is called
A) the saving function. B) the consumption function. C) the 45-degree line. D) aggregate demand.
Suppose we observe the following sequence of production and exchange: sand is used to make silicon; silicon is used to make silicon chips; silicon chips are used to make computers; computers are sold to retailers; retailers sell those computers to
consumers. Which represents the purchase of a final good? A) The retailer's purchase of computers B) The consumer's purchase of computers C) Both A and B above. D) None of the above.
A price ceiling in a perfectly competitive market
a. creates more harm for sellers than gain for buyers b. creates more harm for buyers than gain for sellers c. is effective only it if is set above the equilibrium price d. can turn an inefficient outcome into an efficient outcome e. is a Pareto improvement
The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited.
With an export subsidy of $20 per bushel, the production effect of the export subsidy amounts to
A. $200 million. B. $2.2 billion. C. $1 billion. D. $300 million.