In situations where businesses discriminate in response to the preferences of consumers, discrimination:
A. is not consistent with efficient markets.
B. is consistent with efficient markets.
C. will be eliminated by the market.
D. will not persist even though it's what the customers want.
Answer: B
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Refer to Table 17-4. What are the price and quantity of workers that result in the maximum amount of profit Apple would earn from selling iPods?
A) $140; 2 B) $180; 1 C) $140; 3 D) $160; 2
If marginal product is negative, total product must be negative
a. True b. False
The marginal product of any input into the production process is the:
A. increase in output that is generated by an additional unit of input. B. decrease in input that is generated by an additional unit of output. C. constant ratio of inputs to outputs. D. ratio total output divided by total quantity.
Most economists agree that modest inflation is desirable over zero inflation because:
A. it helps firms to more easily adjust real wages. B. it allows a margin of error for those deciding on the money supply. C. it allows the Fed to more easily engage in expansionary monetary policy. D. All of these statements are true.