Refer to Figure 7.2. Which of the following statements is true?
A. The curve labeled A represents the APL.
B. Curves A and B represent short-run production functions.
C. The curve labeled A represents the MPL.
D. The curve labeled B represents the MPL.
C. The curve labeled A represents the MPL.
You might also like to view...
The opportunity cost of capital investment is the:
A. value of the marginal product of capital. B. value of the marginal product of labor. C. price of new capital goods. D. real interest rate.
A monopolistic competitive firm is inefficient because the firm:
a. earns positive economic profit in the long run. b. is producing at an output corresponding to the condition that marginal cost equals price. c. is not maximizing its profit. d. produces an output where average total cost is not minimum.
According to the information in the table shown, if someone were to make $35,000, she would be able to buy the most goods and services if she lived in:
This table shows the price-level adjustment as compared to the United States.
A. Australia.
B. the United States.
C. Mexico.
D. China.
Interest rates are positive because
A) people prefer future consumption over current consumption. B) people prefer current consumption over future consumption. C) usury laws require rates to be very high. D) banks are not competitive.