
Figure 10.1 depicts a firm's marginal revenue product curve. If the product price is $2, what is the marginal product of the 30th hour of labor?
A. 5 units
B. 6 units
C. 7 units
D. 8 units
Answer: D
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If M = 9,000 . P = 6, and Y = 1,500, what is velocity?
a. 0.167. b. 1. c. 4. d. 36.
If MUx/Px > MUy/Py, then
A. X is more expensive than Y. B. Y is more expensive than X. C. spending a dollar less on X and a dollar more on Y increases utility. D. spending a dollar less on Y and a dollar more on X increases utility.
Refer to the information provided in Figure 8.4 below to answer the question(s) that follow. Figure 8.4 Refer to Figure 8.4. Micro Oven's average fixed costs of producing nine units of output are
A. $25. B. $33.33. C. $55.55. D. indeterminate from this information.
An increase in aggregate demand will have a smaller long-run effect on real GDP if the _____
Fill in the blank(s) with the appropriate word(s).