Which of the following is the slope of the production function with respect to an input?
A. The marginal physical product of the input.
B. The unit cost of the input.
C. The input price.
D. The average product of the input.
Answer: A
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The AA schedule shows
A) Interest rate and output pairs at which the foreign exchange market and the domestic money market are in equilibrium. B) Exchange rate and output pairs at which the foreign exchange market and the domestic money market are in equilibrium. C) Interest rate and output pairs at which only the foreign exchange market is in equilibrium. D) Exchange rate and output pairs at which only the foreign exchange market is in equilibrium. E) Exchange rate and output pairs at which only the domestic money market are in equilibrium.
The cross price elasticity for Papa John's pizza for a change in the price of Pizza Hut pizza is likely to be
A. negative but less negative than -1. B. negative and more negative than -1. C. zero. D. positive.
When analyzing the behavior of oligopolists, which of the following is crucial for the success of game theoretic analysis?
A. Payoffs do not need to reflect the true payoffs of the oligopolists, they just need to be greater than or equal to zero. B. Do not construct the payoffs of the oligopolists to be interdependent, as the payoff of one player usually does not affect the payoff of the other players. C. Assume that oligopolists always move simultaneously. D. Make sure the problem you are considering is of a one-shot or repeated nature, and you model it accordingly because the order in which players make decisions is important.
The change in the quantity consumed that is caused by a change in real income, with the relative prices held constant, refers to the:
A. substitution effect. B. income effect. C. equimarginal rule. D. law of diminishing marginal utility.