If marginal product increases with an increase in the variable input, the marginal cost must also increase as more units of the input are hired
a. True
b. False
Indicate whether the statement is true or false
False
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In economics, money is defined as
A) any asset people generally accept in exchange for goods and services. B) the total amount of salary, interest, and rental income earned during a year. C) the total value of one's assets minus the total value of one's debts, in current prices. D) the total value of one's assets in current prices.
What is expansionary fiscal policy? What is contractionary fiscal policy?
What will be an ideal response?
Which of the following is not a barrier to entry?
A) an inelastic demand curve B) economies of scale C) ownership of a key input D) a patent
Refer to the information provided in the table below to answer the following question. Table 7.3
Refer to Table 7.3. Suppose output varies, ceteris paribus, with labor input in the following manner displayed above. After how many units of labor do diminishing returns set in?
A. 3 B. 4 C. 5 D. They do not set in.