If a firm hires 312 workers it will produce 4,522 units of output. If it hires 313 workers it will produce 4,786 units of output. The marginal physical product of labor equals
A) 4,786.
B) 313.
C) 264.
D) 1.
C
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The interest rate effect suggests that
A) an increase in the price level decreases the interest rate, which causes businesses and consumers to reduce desired spending. B) an increase in the price level increases the interest rate, which causes businesses and consumers to reduce desired spending. C) an increase in the price level increases the money supply, which causes businesses and consumers to increase desired spending. D) a decrease in the price level decreases the interest rate, which causes businesses and consumers to reduce desired spending.
The independence axiom implies that if I prefer a bottle of wine over a six pack of beer I will prefer half a bottle of wine with a bag of pretzels over half a sixpack of beer with a bag of pretzels.
Answer the following statement true (T) or false (F)
Refer to Table 14-2. Suppose pricing PlayStations is a repeated game in which Wal-Mart and Target will be selling the game system in competition over a long period of time. In this case, what is the most likely outcome?
A) a noncooperative equilibrium in which each firm charges the high price B) a noncooperative equilibrium in which each firm charges the low price C) a cooperative equilibrium in which each firm charges the low price D) a cooperative equilibrium in which each firm charges the high price
All of the following contribute to low investment spending in DVCs except:
A. low rates of saving. B. inadequacy of public capital goods (infrastructure). C. political instability. D. expensive labor.