Firms do NOT use microeconomic models to
A) determine what inputs will be used for production.
B) determine whether they should advertise in the newspaper or on the radio.
C) strategically raise profits over competitors.
D) None of the above.
D
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If supply increases and demand decreases, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. lower; uncertain B. higher; higher C. lower; lower D. higher; uncertain
Developing new products and services as well as introducing new production methods are among the ways that ________ increases average labor productivity.
A. an entrepreneur B. physical capital C. a manager D. human capital
Alt-A mortgages are
A) mortgages which are bundled together by financial institutions and sold to investors. B) mortgages issued to borrowers who fail to document that their incomes are high enough to afford their mortgages. C) mortgages issued to borrowers with flawed credit histories. D) government-backed mortgages issued by Fannie Mae and Freddie Mac.
Which of the following formulas measures the rate of substitution for labor with capital?
A. -?L/?K B. -?K/?L C. ?K/?L D. ?L/?K