A rule of thumb in the employment of resources is to set
A) marginal revenue product (MRP) equal to marginal factor cost (MFC).
B) marginal revenue (MR) equal to marginal cost (MC).
C) marginal physical product equal to marginal resource cost.
D) none of the above.
Answer: A
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Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. Suppose Always There Wireless charges $0.30 per minute. How many minutes will high-demand consumers purchase?
A. 60 B. 30 C. 70 D. 170
If the opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany, it makes sense for Japan to produce wristwatches
Indicate whether the statement is true or false
Which of the following statements is true?
a. The Federal Reserve System was established by the U.S. Constitution b. The Federal Reserve System was established immediately after the Civil War. c. The Federal Reserve System was established in 1913. d. The Federal Reserve System was established during the Great Depression. e. The Federal Reserve System was established immediately following World War II.
After the 2008 expansionary policy, unemployment remained higher than desired and output was much lower than desired.
Answer the following statement true (T) or false (F)