For a competitive firm the marginal revenue product of labor is usually downward sloping
What will be an ideal response?
True. The marginal revenue product equals the marginal product multiplied by the constant price. The marginal product of labor is usually downward sloping due to diminishing marginal returns.
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Perfectly competitive markets have absolutely no drawbacks
a. True b. False Indicate whether the statement is true or false
A supply restriction on imported goods, such as the government's restriction of imported oil for many years, is referred to as
A. an import quota. B. a price floor. C. an export quota. D. a price ceiling.
A country's balance of trade must be balanced.
Answer the following statement true (T) or false (F)
Other things constant, if the population decreases and GDP remains unchanged,
A) real GDP necessarily decreases. B) per capita GDP necessarily increases. C) per capita GDP necessarily decreases. D) real GDP necessarily increases.