A firm will employ an additional unit of labor as long as the employment of labor adds more to the firm's revenue than it does to the firm's:
a. product price.
b. accounting profit.
c. residual claim.
d. cost.
d
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Supply curves applicable to shorter periods of time tend to:
a. be represented by horizontal lines parallel to the quantity axis. b. be perfectly elastic. c. be more inelastic than supply curves that apply to longer periods of time. d. be more elastic than supply curves that apply to longer periods of time. e. have a price elasticity of supply that is approximately equal to 1.
Evidence from the Great Recession suggests that the crowding out effect:
A. was minimal at that time. B. had a very detrimental effect on private savings. C. can be quite large in times of recession, and is reinforced with recent research from 2008. D. may hold, although the evidence is somewhat contradictory.
Anita is studying for history and economics. Based on the production possibilities curve, if Anita uses her study time to get the same grade in each class, what will that grade be?
a. A
b. B
c. C
d. D
Income decreases in the United States. This will cause a(n)
A. increase in the demand for pounds. B. increase in the supply of pounds. C. decrease in the supply of pounds. D. decrease in the demand for pounds.