Which of the following indicates an input is being overused relative to the optimal level?
A. MRP = P of input.
B. MRP > P of input.
C. MRP < P of input.
D. MPP > P of output.
Answer: C
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The “isms”
A natural region over which a single currency dominates as a medium of exchange is called
A) sovereign nation. B) monetary union area. C) common currency area. D) currency union.
When people hold a specific quantity of money during a specific time period because they expect to use the money to buy a specific value (price times quantity) of goods, we refer to that money holding as satisfying their
a. precautionary demand for money b. liquidity demand for money c. saving demand for money d. speculative demand for money e. transactions demand for money
In insurance markets, adverse selection often
A. brings down prices for insurance premiums. B. eliminates exchange possibilities that would be beneficial to both consumers and insurance companies alike. C. creates exchange possibilities that are beneficial to consumers and insurance companies. D. creates an abundance of lawsuits.