Which of the following is TRUE?
A) APC - APS = 1 B) MPC + MPS = 1 C) 1 + APC = APS D) APC + MPS = 1
B
You might also like to view...
The typical firm in many industries has become ________ over the past 100 years, and efficiently organizing production has become ________
A) larger; easier B) larger; more difficult C) smaller; easier D) smaller; more difficult
What is the effect on the consumer of a firm having a monopoly on a particular product the consumer needs?
a. The consumer will pay a lower price for the product because the company can only produce as many units as it can sell. b. The consumer will pay a lower price for the product because the company must price products well to keep competitors out of the market. c. The consumer will have to pay a higher price for the product because costs rise as competitors enter the market. d. The consumer will have to pay a higher price for the product than if there were competition for producers.
Suppose that in Germany total annual output is worth $600 million and people work 40 million hours. In France total annual output is worth $700 million and people work 50 million hours. In which country do people enjoy a higher standard of living?
The difference between the earnings of construction workers who work on bridges and skyscrapers and those who work on highways is most likely due to
a. differences in unionization rates. b. a compensating differential. c. differences in education requirements. d. apprenticeship requirements.