Below the full-employment level of output, per-unit production costs rise and firms must receive higher product prices for them to be profitable.
Answer the following statement true (T) or false (F)
False
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Assume the price of Coca-Cola increases. As a result, your real income decreases and you decrease the quantity of Coca-Cola purchased each month. This is an example of the:
a. income effect. b. consumer price effect. c. revenue effect. d. substitution effect.
The demand for money is based primarily on money's role as a(n): a. measure of wealth
b. medium of exchange. c. standard of economic well-being. d. interest-bearing asset. e. non-interest-bearing asset.
How can bonuses to exceptional employees be considered economic rents?
Mike and Tom debone chicken breasts for Ted's Chicken Co. Mike is new and can only debone 30 chicken breasts per hour, while Tom's experience allows him to debone 60 chicken breasts per hour. Both Mike and Tom work 40 hours per week. Their average hourly productivity as a team is ________ chicken breasts.
A. 90 B. 45 C. 30 D. 60