According to the marginal productivity theory of resource demand, the labor-demand schedule for a producer selling in a purely competitive market is:
A. The same as the marginal resource cost schedule
B. The same as the marginal productivity schedule
C. The same as the marginal revenue product schedule
D. Independent of the value of the product being produced
C. The same as the marginal revenue product schedule
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Due to the bandwagon effect, demand for some products is ________ elastic than it would be without the positive network externality
A) more B) less C) equally D) more strongly unitary
Producers have little incentive to produce a public good because
a. the social benefit is less than the private benefit. b. the social benefit is less than the social cost. c. there is a free-rider problem. d. there is a Tragedy of the Commons.
The statement, "Corn is not high because a rent is paid, but a rent is paid because corn is high," was made by _________.
Fill in the blank(s) with the appropriate word(s).
Comparative advantage implies that you
A. can produce a good or service at a lower opportunity cost. B. can produce goods with more human resources. C. can produce more units of a good or service than another. D. can produce goods with more capital resources.