Answer the following statement(s) true (T) or false (F)
1. A competitive firm's short-run demand for labor will rise when the price of its product rises.
2. Increased use of machinery always hurts workers by lowering the demand for their labor.
3. As the wage rate rises, the marginal revenue product of labor increases.
4. f labor and capital are complements in production, additions to capital will increase both the total and marginal products of labor.
5. When two factors are substitutes in production, an increase in the employment of one increases the marginal product of the other.
1. True
2. False
3. False
4. True
5. False
You might also like to view...
In an oligopoly in which the firms have entered into a cartel agreement, the Nash equilibrium exhibits which of the following?
A) firms jointly maximizing profits B) the firms cheating on the cartel agreement, which benefits society C) production at a price and output level close to monopolistic competition in the long run D) the firms cheating on the cartel agreement, which harms society E) one firm cheating on the cartel agreement and the other firms complying with the cartel agreement.
The amount of the structural deficit is equal to the amount of tax revenue received minus federal expenditures for the current fiscal year.
Answer the following statement true (T) or false (F)
In economics, the term capital refers only to some form of money.
Answer the following statement true (T) or false (F)
Related to the Economics in Practice on page 274: According to the Economics in Practice, in industries such as electronics and computers, the patent policies of a country ________ when a company in that industry looks at different countries in which to locate its activities.
A. are the only deciding factor B. do not seem to make much difference C. are the primary deciding factor D. must be among the most protective in the word