If average product is decreasing, then marginal product must be negative
Indicate whether the statement is true or false
FALSE
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Why does a monopolistic competitor earn zero economic profits in the long run?
What will be an ideal response?
________ is the incremental cost generated by moving from one feasible alternative to the next feasible alternative
A) Total cost B) Indirect cost C) Marginal cost D) Differential cost
Unemployment is not caused by
A. drops in actual GDP. B. persons looking for more suitable jobs. C. inflation. D. technological disruption.
In order to maintain a balanced budget, Congress has decided to cut taxes and government spending both by $25 billion. What will happen to GDP?
A. It will increase. B. It will remain the same. C. It will decrease. D. It’s impossible to know without the multiplier.