If marginal product is greater than average product, then
A) marginal product could either be increasing or decreasing.
B) average product must be decreasing.
C) marginal product must be decreasing.
D) marginal product must be increasing.
A
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Explain the structure of the circular flow model
What will be an ideal response?
Auto workers negotiate a wage increase. How does this wage hike affect the supply of cars?
A) It decreases the supply. B) It increase the supply. C) It has no effect. D) There is not enough information to tell if the change increases, decreases, or has no effect on the supply of cars.
In Figure 10-5 above, suppose that the economy's initial steady-state point is A. An increase in the rate of national saving changes the steady-state point to
A) point B. B) point C. C) point D. D) a point to the left of point A.
Which of the following is true of opportunism?
a. Opportunism increases the possibility that a party can gain by disregarding the contract. b. Opportunism lowers the cost of negotiation between parties when the contract is incomplete or unclear. c. Opportunism allows parties to maximize the value of their transactions. d. Opportunism leads to mutually beneficial outcomes.