A budget line is the locus of all points representing every input combination of inputs that the producer can afford to buy with a given amount of money and given input prices
a. True
b. False
Indicate whether the statement is true or false
True
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Because the demand for a perfectly competitive firm's product is perfectly elastic, marginal revenue is equal to
A) one. B) zero. C) the price of the product. D) negative one.
The laws of contracts and their enforceability in court determine the range of transactions that we will find it worthwhile to undertake
Indicate whether the statement is true or false
Reducing transfer payments is an appropriate way to counteract a recessionary gap
a. True b. False Indicate whether the statement is true or false
Brazil gives cash payments to its poor citizens on the condition that those citizens' children stay in school. In terms of the determinants of productivity, how might this public policy contribute to higher productivity in Brazil?