A firm faces competitive markets for its inputs and its output. Its marginal revenue product of labor
A) is increasing in the output price.
B) is decreasing in the output price.
C) is independent of the output price.
D) has an inverted U-shape.
A
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As a result of the pay-as-you-go nature of Social Security financing, the continuation of benefit payments is dependent upon _____
a. new individuals entering the system b. the current tax level c. current economic growth rates d. the Baby Boomer's decision on when to retire
Describe and explain how a perfectly competitive firm's demand curve is found
What will be an ideal response?
Which of the following was not a reason OPEC failed to keep the price of oil high?
a. Over the long run, producers of oil outside of OPEC responded to higher prices by increasing oil exploration and by building new extraction capacity. b. Consumers responded to higher prices with greater conservation. c. Consumers replaced old inefficient cars with newer efficient ones. d. The agreement OPEC members signed allowed each country to produce as much oil as each wanted.
Patents, copyrights, and trademarks
a. are examples of government-created monopolies. b. are examples of barriers to entry. c. allow their owners to charge higher prices. d. All of the above are correct.