At the Pampered Pet Salon the marginal products of the first, second, and third workers are 20, 16, and 10 dogs washed, respectively. The total product (number of dogs washed) of the first two workers is
A. 16.
B. 20.
C. 36.
D. 46.
Answer: C
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A) reduce the demand for milk. B) increase the production of milk. C) create a shortage of milk. D) decrease the price of milk products.
The total cost schedule shows the relationship between different amounts of inputs and the resulting level of output
Indicate whether the statement is true or false
The value of an item expressed in today's dollars is known as
A) inflation. B) deflation. C) the nominal value. D) the real value.
Theories and models are explanations of how things work that help us understand and predict how and why economic agents like consumers, producers, firms, government, etc. behave they way they do
a. True b. False Indicate whether the statement is true or false