The idea that if enough consumers cut back on their use of a product it induces other consumers to do the same is referred to as
A. non-dynamic market feedback.
B. negative market feedback.
C. elicit market feedback.
D. positive market feedback.
Answer: B
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Because a monopsony must raise the wage on all labor hired in order to hire more labor,
A) the MCL curve is horizontal at the market wage. B) the MCL curve is negatively sloped. C) MCL = W. D) MCL > W.
Units of CapitalNumber of WorkersOutput/Day50051405290531505420055235
Refer to Table 2.3. Increasing the number of workers from 2 to 3 will increase output per day by:
A. 60 units. B. 90 units. C. 150 units. D. 240 units.
The most important source of financial capital for firms today is
A) sale of bonds. B) sale of new issues of stock. C) trade of previously issued stock. D) reinvestment of profits.
If d is the depreciation rate and K is the capital stock, the amount of investment required to keep the economy in a steady state is given by:
A) I = d - K. B) I = d + K. C) I = d × K. D) I = d/K.