If marginal product is equal to average product, then total product is at a maximum
Indicate whether the statement is true or false
FALSE
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The ultimatum game and the dictator game are used in economic experiments to test whether fairness is an important influence on consumer decision-making
Indicate whether the statement is true or false
For an individual firm operating in a competitive market, marginal revenue equals
a. average revenue and the price for all levels of output. b. average revenue, which is greater than the price for all levels of output. c. average revenue, the price, and marginal cost for all levels of output. d. marginal cost, which is greater than average revenue for all levels of output.
A country is likely to have a higher sacrifice ratio if
a. contracts are shorter, and people believe the central bank will reduce inflation. b. contracts are longer, and people believe the central bank will not reduce inflation c. contracts are longer, and people believe the central bank will reduce inflation. d. contracts are shorter, and people believe the central bank will not reduce inflation.
For a linear demand curve:
A. elasticity is constant along the curve. B. elasticity is unity at every point on the curve. C. demand is elastic at low prices. D. demand is elastic at high prices.