Marginal physical product is the change in total output associated with one additional unit of input.
Answer the following statement true (T) or false (F)
True
Marginal physical product (MPP) is the change in total output that results from employing one more unit of input.
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Daryl's Inc has formed a cartel with the two other firms in its industry. In which of the following market structures does Daryl's operate?
A) monopolistic competition B) oligopoly C) perfect competition D) monopoly E) legally protected monopoly
Everything else held constant, an increase in the money market fund ratio will mean ________ in the M2 money multiplier and ________ in the M2 money supply
A) an increase; an increase B) an increase; a decrease C) a decrease; an increase D) a decrease; a decrease
In the short run, product differentiation enables firms in monopolistically competitive markets to:
A. produce a good for which there are exact substitutes. B. produce a good which is standardized. C. price the good at marginal cost. D. earn a positive economic profit.
Use the NBER data in Table 8.1 in the textbook on U.S. business cycle turning points to calculate: a) the shortest business cycle from peak to peak; b) the shortest business cycle from trough to trough; c) the longest business cycle from peak to peak; and d) the longest business cycle from trough to trough.
What will be an ideal response?