If Q = K1/2L1/2 the MPL is
a. constant
b. increasing
c. diminishing
c
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A consumer will maximize utility, given income and prices, when the marginal rate of substitution is equal to the ratio of the prices of the two goods
Indicate whether the statement is true or false
U.S. Gross Domestic Product includes goods produced by:
A. foreign firms on U.S. soil. B. U.S. firms on foreign soil. C. foreign firms on foreign soil. D. None of these statements is true.
Monopolistically competitive firms have downward-sloping demand curves. In the long run, monopolistically competitive firms earn zero economic profits. These two characteristics imply that in the long run
A) monopolistically competitive markets achieve productive efficiency. B) monopolistically competitive markets achieve allocative efficiency. C) monopolistically competitive firms earn economic profits. D) monopolistically competitive firms have excess capacity.
Outline the principal sources of the debt crisis
What will be an ideal response?