Marginal revenue product is defined as the amount that an additional unit of the variable input adds to ____
a. marginal revenue
b. total output
c. total revenue
d. marginal product
e. none of the above
c
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The enjoyment or satisfaction people receive from consuming goods and services is called utility
Indicate whether the statement is true or false
In the field of study called political economy, economists make use of insights from the field of psychology
a. True b. False Indicate whether the statement is true or false
Which of the following is the primary source of high earnings in a market economy?
What will be an ideal response?
Currency appreciation would occur in a nation if
A. the demand for the nation's exports increases. B. the demand for the nation's imports increases. C. real interest rates in the nation decrease relative to the rest of the world. D. the inflation rate is higher within the nation than in the rest of the world.