The price elasticity of supply is calculated as the change in supply divided by the change in price
Indicate whether the statement is true or false
FALSE
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The marginal revenue product of labor declines as the number of workers increases because
A) firms hire the most efficient workers first and the least efficient workers last. B) firms must lower prices for the final product when they want to sell more units. C) of the law of diminishing marginal product. D) of diseconomies of scale.
Sales of government securities to banks ____ total and excess reserves and ____ the money supply.
A. increase; decrease B. decrease; increase C. decrease; decrease D. increase; increase
For country A, an import is a good produced in:
A. country B and purchased by residents of country B. B. country B and purchased by residents of country A. C. country A and purchased by residents of country B. D. country A and purchased by residents of country A.
For the utility function U = Wa, what values of "a" correspond to being risk averse, risk neutral, and risk loving?
What will be an ideal response?