Refer to Table 17.2. The marginal product of the seventh unit of labor is:
A. 50.
B. 40.
C. 30.
D. 10.
Answer: D
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A monopolistically competitive firm maximizes profit where
A) price > marginal cost. B) total revenue > marginal cost. C) marginal revenue > average revenue. D) price = marginal revenue.
One of the functions of deliberation councils is to
A) coordinate foreign investment from different countries. B) set educational policy for universities and colleges. C) coordinate government policy and private investment. D) broaden the economies base of exports. E) ensure stability in the country's fiscal and monetary policies.
The slope of a nonlinear curve is ________ when the curve is rising, and ________ when the curve is falling
A) negative, positive B) negative, negative C) positive, negative D) positive, positive
Macroeconomics differs from microeconomics in that macroeconomics focuses on:
A. individual choices and group behavior in individual markets. B. production in specific markets. C. prices in specific markets. D. the performance of national economies and ways to improve that performance.