The absence of clear property rights
A) is common in many developing nations. B) encourages creative destruction.
C) is caused by capital deepening. D) all of the above.
A
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To produce more output in the short run, a firm must employ more of
A) all its resources. B) its fixed resources. C) its variable resources. D) the least costly resources regardless of whether they are fixed or variable. E) Firms cannot produce more output in the short run.
Explain how the aggregate demand and aggregate supply model can be made more dynamic
What will be an ideal response?
Draw a long-run average cost curve that first exhibits increasing returns to scale (economies of scale), then constant returns to scale, and finally decreasing returns to scale (diseconomies of scale). Label each region.
What will be an ideal response?
The marginal product of labor is the
a. total output produced when one more worker is hired b. change in average output produced when one more worker is hired c. total output per worker when one more worker is hired d. change in total output when one more worker is hired e. maximum quantity of output when one more worker is hired