Economic discrimination occurs when equivalent factors of production receive different payments for equal contributions to output.
Answer the following statement true (T) or false (F)
True
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If the demand is ________, a fall in price ________ total revenue
A) elastic; increases B) elastic; decreases C) inelastic; increases D) inelastic; does not change
The difference between positive economic statements and normative economic statements is that
a. both c and e are true b. positive statements are based on opinion while normative statements are based on fact c. positive statements are true and normative statements are often false d. positive statements are often false and normative statements are true e. positive statements are based on fact while normative statements are based on opinion
Describe the differences between traditional and nontraditional lending practices. Under which category do subprime loans belong?
Refer to the above table. If the product the firm produces sells for a constant $2 per unit, the marginal revenue product of the third unit of the resource is:
A. $6
B. $12
C. $18
D. $24