Suppose a firm in a competitive market produces and sells 8 units of output and has a marginal revenue of $8 . What would be the firm's marginal revenue if it instead produced and sold 4 units of output?
a. $2
b. $8
c. $32
d. $64
b
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If a labor market that was previously competitive becomes controlled by a monopsony, the wage rate ________ and employment ________
A) rises; increases B) falls; decreases C) rises; decreases D) falls; increase
Finding a small value of the p-value (e.g. less than 5%)
A) indicates evidence in favor of the null hypothesis. B) implies that the t-statistic is less than 1.96. C) indicates evidence in against the null hypothesis. D) will only happen roughly one in twenty samples.
A central bank disinflates. Output is 4% less for one year, 3% less the next year, and 2% less the third year. If inflation fell by 2 percentage points, what was the sacrifice ratio?
The slope of a curve at any point is given by this formula:
A. The change in x coordinates between two points divided by the change in their y coordinates. B. The percentage change in x coordinates between two points divided by the percentage change in their y coordinates. C. The change in y coordinates between two points divided by the change in their x coordinates. D. The percentage change in y coordinates between two points divided by the percentage change in their x coordinates.