When the marginal product of labor is greater than the average product of labor, the
A) marginal product of labor must be increasing as labor increases.
B) average product of labor must be increasing as labor increases.
C) total product must be increasing at an increasing rate as labor increases.
D) None of the above answers is correct.
B
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Factory incentives on cell phones have encouraged consumers to upgrade their phones. How does this affect the market for bluetooth headsets?
A) The demand for bluetooth headsets decreases. B) The quantity of bluetooth headsets demanded increases. C) The demand for bluetooth headsets increases. D) The quantity of bluetooth headsets demanded decreases.
The amount of a good that must be given up to produce another good is the concept of:
a. scarcity. b. specialization. c. trade. d. efficiency. e. opportunity cost.
Antitrust policy is used to describe government policies and programs that are designed to:
a. promote the creation of trusts, or combinations of independent firms. b. control the growth of monopoly and enhance competition. c. deal with the threat of competitive practices to public interests. d. create an environment in which the government will distrust firms. e. create an environment in which firms will distrust the government.
Higher real income ________ the demand for money and a higher price level ________ the demand for money.
A. decreases; increases B. increases; decreases C. increases; increases D. decreases; decreases