As more capital per worker is added, the curve of the per-worker production function ______.
a. becomes flatter
b. becomes more curved
c. rises sharply
d. falls sharply
a. becomes flatter
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Under monopolistic competition, the number of firms increases as fixed entry costs fall and as demand for the type of good produced in the market increases.
Answer the following statement true (T) or false (F)
When the automobile replaced horse-drawn carriages as the principal means of transportation, firms producing horse-drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing i. seasonal unemployment. ii
structural unemployment. iii. cyclical unemployment. A) i only B) ii only C) i and iii D) i and ii E) ii and iii
Marginal revenue equals
A) total revenue divided by output. B) price times quantity, divided by average revenue. C) total revenue divided by average revenue. D) the change in total revenue from selling one more unit.
A person is dynamically consistent if:
A. his preferences over the alternatives available at some future date change as the date approaches. B. his preferences over the alternatives available at some future date do not change as the date approaches. C. he is also statically consistent. D. None of these is correct.