In a market economy the relationship between making a lot of money and providing services that are highly valued by others is
What will be an ideal response?
positive
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The following table shows values of annual real GDP per capita over time. Use it to answer the next question.1810$1,5001860$2,1001910$3,9001960$18,0002010$43,600What was the rate of growth in real GDP per capita between 1810 and 2010?
A. 2,807% B. 2,907% C. $43,600 D. $42,100
Why does the labor supply curve eventually bend backwards?
What will be an ideal response?
A firm's labor demand curve is also its marginal revenue product curve. For both the perfectly competitive firm and the output price maker, the labor demand curve slopes downwards
However, there is a difference in the reasons why the labor demand curve slopes downwards. What is this difference?
If the marginal revenue from a quality improvement is ________ its marginal cost, it ________ profitable to produce a higher-quality product.
A) less than; is B) greater than; is C) exactly double; is not D) greater than; is not