At the profit-maximizing level of employment, the monopsonist
A) pays a wage equal to MRP.
B) pays a wage greater than MRP.
C) pays a wage less than MRP.
D) pays a wage equal to MFC.
Answer: C
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When a country's real exchange rate appreciates,
A) its nominal exchange rate must also have appreciated. B) its nominal exchange rate must have depreciated. C) it can trade its goods for fewer units of foreign goods. D) it can trade its goods for more units of foreign goods.
Marginal revenue product is the
a. additional revenue from one additional dollar increase in price. b. change in the revenue product resulting from one additional unit of input. c. additional revenue from one additional unit of input. d. change in revenue resulting in one additional dollar in price.
Input productivity refers to the amount of output produced per unit of the input.
Answer the following statement true (T) or false (F)
Physical capital refers to material things used as inputs in the production of future goods and services.
Answer the following statement true (T) or false (F)