Dogs are more popular than cats in the U.S., but if cats were to become the more popular pet, then we can we expect that in the market for cat-food workers
a. MPP increases
b. MRP increases
c. MPP decreases
d. MRP decreases
e. the wage rate decreases
B
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Developing countries with large informal sectors tend to have firms that invest less in capital equipment
Indicate whether the statement is true or false
Which statement is true?
A. OPEC produces and exports over 90 percent of the world's oil. B. Saudi Arabia is the most important member of OPEC. C. OPEC has no influence over the price of oil. D. The U.S. imports only a tiny fraction of the oil it uses.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Which of the following are issues most explored in microeconomics?
A. Measuring the price of specific goods B. The expenditures of a government entity C. A firms decision to hire more workers D. Measuring total revenues of a firm or household E. All of the above