A firm decides to hire more equipment if:
a. the average revenue it earns by selling its output is equal to its average cost.
b. its total revenue is greater than the total cost of hiring the equipment.
c. the marginal revenue product of the additional unit of equipment is greater than the marginal factor cost.
d. its average revenue is greater than the average cost of hiring equipment.
e. the price of its product is greater than the average cost of production.
c
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In the present, most of the exports from China are
A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) overpriced by world market standards.
Microeconomics is concerned with studying which of the following?
A) the determinants of national unemployment B) the effects of monetary policy C) the study of individual markets D) all of the above
The Sherman Antitrust Act prohibits price fixing by competitors, monopolization of a market, and attempts to monopolize a market
a. True b. False
The formula for the multiplier can be written as change in
a. Y/change in I. b. I/change in Y. c. Y/change in C. d. Y/change in GDP.