If the average product of labor curve is rising,
i. the average variable cost curve is falling.
ii. the marginal cost curve is definitely falling.
iii. the marginal product curve has reached its maximum.
A) i and iii
B) i only
C) ii and iii
D) i, ii, and iii
E) ii only
B
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
During World War I (1914–18), hourly wages
(a) decreased in nominal and real terms. (b) increased in nominal and real terms. (c) increased in nominal terms but decreased in real terms. (d) decreased in nominal terms but increased in real terms.
_______ ensure that resources are allocated to where they are most highly valued
a. Communist governments b. Consumers c. Suppliers d. Non-governmental organizations e. Markets
A consumer's willingness to pay directly measures
a. the extent to which advertising and other external forces have influenced the consumer's preferences. b. the cost of a good to the buyer. c. how much a buyer values a good. d. consumer surplus.