Marginal utility can be objectively measured and compared from one individual to another
a. True
b. False
B
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Which one of the following statement best describes a price floor?
a. A price floor causes demand to change. b. A price floor causes supply to change. c. A price floor keeps a price from rising above a certain level. d. A price floor keeps a price from falling below a certain level.
The marginal revenue product is
A) the change in total output resulting from a one-unit change in variable output. B) the change in marginal output resulting from a one-unit change in variable input. C) the change in total revenue resulting from a one-unit change in variable input. D) the change in marginal revenue resulting from a one-unit change in variable input.
When a firm's average cost curve lies below its average revenue curve at the profit-maximizing level of output, it implies that the firm is suffering losses
a. True b. False Indicate whether the statement is true or false
Constructing the Phillips curve: __________ is measured on the vertical axis and __________ is measured on the horizontal axis
a. rate of inflation, rate of unemployment b. level of inflation, level of unemployment c. nominal GDP, real GDP d. aggregate demand, aggregate supply e. percent of automatic stabilization, percent of discretionary stabilization