Capital is a good used in the production of goods that households consume
Indicate whether the statement is true or false
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Which of the following is NOT a characteristic that makes information useful?
a. It is reliable b. It is timely. c. It is inexpensive. d. It is relevant.a
What does it mean for two inputs to be complements? Give an example that describes how labor and capital can be complementary inputs
What will be an ideal response?
In a perfectly competitive market, firms take:
a. the money wage as exogenous, the price level as endogenous. b. the money wage and price level as exogenous, the quantity of labor as endogenous. c. the money wage and price level as endogenous. d. the quantity of labor as exogenous.
As other firms enter a monopoly's market, the demand curve a monopoly faces
A) is unaffected. B) becomes more inelastic. C) becomes more elastic. D) may become more or less elastic, depending on its Lerner Index.