When marginal revenue product of an input is less than its price, the producers should use less of the input
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that TC = $550, TVC = $500, and MC = $100. If the firm produces 10 units of output, then
A. MC > AVC. B. AVC > MC. C. AVC = MC. D. AFC = AVC.
The Fed can directly lower the inflation rate
Indicate whether the statement is true or false
Who owns the Fed?
a. The federal government. b. The states. c. The District Federal Reserve Banks. d. All banks. e. Member banks.
Electric car manufacturers want to sell more electric cars at a higher price. Which of the following events would have this effect?
A) an increase in the price of gasoline. B) technological advancement in the production of electric car batteries. C) an increase in the number of manufacturers of electric cars. D) a decrease in the price of lithium, which is used in the electric car batteries.