Refer to the table below. If the consumer buys product X or product Y one unit at a time, which of the following will the consumer's first two purchases be?
Answer the question based on the table below showing the marginal utility schedules for product X and product Y for a hypothetical consumer. The price of product X is $4 and the price of product Y is $2. The income of the consumer is $20.
A. A first unit of X followed by a first unit of Y
B. A first unit of X followed by a second unit of X
C. A first unit of Y followed by a first unit of X
D. A first unit of Y followed by a second unit of Y
D. A first unit of Y followed by a second unit of Y
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Technological breakthroughs, such as the Internet, can be shown with a rightward shift of the aggregate supply curve.
Answer the following statement true (T) or false (F)
Slower growth in labor demand in combination with increases in labor supply explains ________ accompanied by ________.
A. a slowdown in real wage growth; increasing wage inequality B. a slowdown in real wage growth; a decline in employment C. accelerated real wage growth; a decline in employment D. a slowdown in real wage growth; rapid employment growth
Which factor of production does human capital enhance?
i. land ii. labor iii. capital A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
In monopolistically competitive market structure, because each good sold in the market is ____, each firm is considered a ____
a. slightly different; price maker b. slightly different; price taker c. the same; price maker d. the same; price taker