Marginal revenue product is:
a. defined as the amount that an additional unit of the variable input adds to the total revenue
b. equal to the marginal factor cost of the variable factor times the marginal revenue resulting from the increase in output obtained
c. equal to the marginal product of the variable factor times the marginal product resulting from the increase in output obtained
d. a and b
e. a and c
a
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Refer to the scenario above. If these four friends are the only bidders and each bidder uses his optimal strategies, the owner of the good will earn an expected revenue of ________
A) $210 B) $350 C) $500 D) $625
The purchase of a virtual item from an online company with a virtual currency causes the nation's:
a. Monetary base to rise. b. M2 money supply to rise. c. M2 money multiplier to remain the same. d. Monetary base to fall.
In the principal-agent problem, the principal is:
A. a person who is the source of the problem. B. a person who carries out a task on someone else's behalf. C. a person who entrusts someone with performing a task. D. a person who is in charge of an educational system.
The largest budgetary expense for the federal government in 2011 was
a. interest on the national debt. b. health. c. highways. d. income security.