Producing where MR = MC guarantees that the firm earns a profit
Indicate whether the statement is true or false
F
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A college student decides to spend the afternoon watching three movies rented from Red Box. The cost of each movie is $1. The student was willing to pay $4 to rent each of the first two movies and $2 to rent the third movie. What was the marginal benefit received by the student when renting the 2nd movie?
A. $1 B. $8 C. $4 D. $2
The graph that relates hours of labor input to output is called the
a. consumption function. b. conjunction function. c. capital function. d. production function.
A vertical long-run Phillips curve is a vertical straight line at the natural rate of unemployment.
Answer the following statement true (T) or false (F)
According to the Keynesian IS-LM model, what is the effect of each of the following on output, the real interest rate, employment, and the price level? Distinguish between the short run and the long run.(a)Expected inflation decreases.(b)Labor supply increases due to a change in demographics.(c)The future marginal product of capital increases.
What will be an ideal response?