In the product market, who provides services?
a. factors
b. governments
c. households
d. firms
d. firms
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If a perfectly competitive firm finds that it is producing an amount of output such that MR > MC and P > AVC, it will
A) leave the industry. B) decrease its output. C) increase its output. D) not change its behavior.
Refer to Figure 9-3. With a quota in place, what is the quantity supplied by domestic producers?
A) 8 million pounds B) 10 million pounds C) 16 million pounds D) 18 million pounds
Because of diminishing marginal productivity
A) the labor supply curve is not vertical. B) nominal wages are sticky in a downward direction. C) the labor demand curve is negatively sloped. D) households save only a small share of their income.
If good A has a marginal utility of 30 and a price of $5, and good B has a marginal utility of 10 and a price of $2, then:
a. good A is a better buy than good B. b. good B is a better buy than good A. c. goods A and B are of equal value to this consumer. d. neither good A nor B is worth the money. e. goods A and B should both be purchased.