Another term for the total quantity of output is
A) average product.
B) marginal product.
C) total product.
D) average variable product.
Answer: C
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Suppose a person's utility for leisure (L) and consumption (Y) can be expressed as U = Y ? L and this person has no non-labor income
Assuming a wage rate of $10 per hour, show what happens to the person's labor supply when the person wins a lottery prize of $100 per day.
The role of _______ in the production process is central to why the United States is rich and most of the rest of the world is poor.
A. Labor B. Land C. Capital D. Government
Which of the following are policy levers?
A Population growth, spending behavior, and invention B. Wars, natural disasters, and trade disruptions C. Government regulation, tax policy, and the availability of money D. Jobs, prices, and growth
The threat of punishment in a repeated game tends to:
A. reduce the incentive to break a pricing agreement. B. anger the other firms, resulting in a price war. C. maintain prices at the duopoly price level. D. deter entry.