The total physical product of an input is the same thing as its
a. total revenue product.
b. marginal physical product times output.
c. output.
d. total consumer's surplus.
c
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The 2007-2009 recession began with reductions in investment and consumption spending, precipitated by a financial crisis. This explanation for the recession is consistent with
A. the monetarist view of macroeconomic instability. B. the mainstream view of macroeconomic instability. C. the rational expectations view of macroeconomic instability. D. the real business cycle theory of macroeconomic instability.
If two goods are substitutes, then their cross-price elasticity of demand is
A. positive. B. negative. C. zero. D. between zero and minus one.
A rise in the real interest rate r
a. creates income and substitution effects that reduce C0. b. creates income effects that reduce C0, substitution effects that increase C0. c. creates income effects that increase C0, substitution effects that reduce C0. d. creates income and substitution effects that increase C0.
The quantity demanded in a market is only large enough for one firm to operate at the minimum of the long-run average cost curve. Which of the following will result in this situation?
a. Natural monopoly b. Oligopoly c. Duopoly d. Cartel