The rule for the optimal use of any input says that
a. when MRP is less than price, it pays to expand resource use.
b. when MRP is greater than price, it pays to expand resource use.
c. when MRP equals price, resource use should be cut back.
d. resources should be used only if MRP exceeds price.
b
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Which of the following statements about labor unions and management during the 1940s is most accurate?
a. The real earnings of workers increased significantly during World War II. b. During World War II there were many strikes. c. There were few strikes during World War II because management frequently locked-out labor before the employees could strike. d. Immediately following the end of the war was a period of significant earnings growth for labor union members.
In a monopolistically competitive market,
A. a firm has market power because it produces a differentiated product. B. a firm earns economic profits in the long run because it has market power. C. there are a large number of firms. D. both a and b E. both a and c
Refer to Figure 8.3. The marginal cost of the 10th basketball is A) $2. B) $3. C) $3.05. D) $5.80.
Under monopolistic competition, new firms are barred from entering the industry in the long run.
Answer the following statement true (T) or false (F)