It is true of the demand side of the market for input pricing that
a. the same marginal productivity principle serves as the foundation for the demand schedule for each type of input.
b. the demand schedule for one input cannot be determined independently of demand schedules for other inputs.
c. the demand curve is the complete MRP curve.
d. any inward shift in demand for a commodity will result in outward shifts in the demand curves for the inputs used to produce the commodity.
a
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In order to promote growth through increased quantities of physical capital, governments must promote:
A. a better educational system. B. job training programs. C. funding for basic science. D. high rates of saving and investing.
An increase in nominal GDP
A) is absolute real economic growth. B) is per capita real economic growth. C) is both per capita and absolute real economic growth. D) does not necessarily mean either absolute or per capita real economic growth.
A single firm that charges the monopoly price in the market earns $800. If another firm successfully enters the market, the incumbent's profits fall to $500 and the entrant earns $450. If the incumbent engages in limit pricing, its profits are $600. For what interest rate, i, is limit pricing a profitable strategy for the incumbent?
A. i > 1.5 B. 0.5 < i < 1.0 C. i < 0.5 D. 1.0 < i < 1.5
An indifference curve:
A. may be either upsloping or downsloping, depending on whether the two products are complements or substitutes. B. is downsloping and convex to the origin. C. is upsloping and has a constant slope. D. is downsloping and concave to the origin.