______________ is the amount of production provided per unit of a factor of production.
Fill in the blank(s) with the appropriate word(s).
Ans: Average Product
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According to your authors, a necessary condition for the evolution of a successful commercial society includes
A) stable interest rates. B) reasonably secure property rights. C) a superabundance of natural resources. D) zero economic losses.
According to the Efficient Markets Hypothesis, prices of securities
A) change infrequently. B) change frequently to reflect news about changes in the fundamental values of the securities. C) change frequently as evaluations of existing information about the securities change. D) are not allowed, under federal securities laws, to change more frequently than once a month.
The price elasticity of demand for a horizontal demand curve is:
a. 0. b. -1. c. 1. d. - infinity.
Utility is maximized for the consumption of two goods when: a. the price of the first good equals the price of the second good
b. the marginal utility per dollar spent is equal for both goods consumed. c. the quantity consumed of the first good equals the quantity consumed of the second good. d. the total utility of the first good equals the total utility of the second good.