What is the shape of a firm's marginal revenue product curve? Why does it look this way?
What will be an ideal response?
The firm's marginal revenue product curve is downward sloping like the marginal product curve. The shape occurs as a result of diminishing returns in the short run.
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The EITC is refundable
Indicate whether the statement is true or false
Moral hazard is illustrated by people who take greater risks after they purchase insurance
a. True b. False Indicate whether the statement is true or false
In a particular town, Comvision and Veriview are the only two providers of cable TV service. Comvision and Veriview constitute a
a. duopoly, whether they collude or not. b. cartel, whether they collude or not. c. Nash industry, whether they collude or not. d. monopolistically competitive market if they charge the same price.
What is a brief definition of economics? What are the conditions that give rise to this definition?
Please provide the best answer for the statement.