Marginal factor cost is computed as
A) total cost of the resource/total amount of the resource being used.
B) change in the total cost of the resource/total amount of the resource being used.
C) total cost of the resource/change in the amount of the resource being used.
D) change in the total cost of the resource/change in the amount of the resource being used.
Answer: D
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Many economists ________ protectionism because it ________ consumers and ________ jobs in domestic industries that use protected products
A) support; benefits; creates B) criticize; unfairly rewards; relocates C) criticize; causes losses to; eliminates D) support; lowers prices for; raises wages for
A reason why a perfectly competitive firm's demand for labor curve slopes downward is that
A) each additional unit of labor hired is less efficient than previously hired units. B) the extra cost of hiring additional units of labor increases as a firm hires more units of labor. C) in the short run, as more labor is hired, labor's marginal product falls because of the law of diminishing returns. D) the firm's demand curve for the product that uses labor is downward sloping.
The curve that shows the relationship between the price of a good and the quantity that consumers are willing to purchase at each price is the
a. supply curve. b. demand curve. c. production possibilities curve. d. consumption curve.
If borrowers and lenders expect a higher rate of inflation, what happens to interest rates?
What will be an ideal response?