For a competitive firm, the value of the marginal product:
A. increases for each additional worker.
B. remains constant across workers.
C. decreases for each additional worker.
D. is zero when profits are maximized.
C. decreases for each additional worker.
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If wages are "sticky downwards", then this means that during periods of high unemployment, wages will:
A. fall quickly. B. resist falling. C. resist rising. D. rise quickly.
An increase in technology will shift the good's supply curve rightward
Indicate whether the statement is true or false
All of the following conditions, except one, must exist in order for a firm to successfully practice price discrimination. Which is the exception?
a. The firm must be a price taker. b. The firm must be able to identify which customers are willing to pay more. c. The firm must be able to prevent the resale of its output by low-price customers to high-price customers. d. The firm must be able to charge higher prices to some customers without losing their business. e. The firm must be a price setter.
In terms of technological progress, economists interpret this as meaning an economy operates more efficiently by producing more output without using any more inputs.
Answer the following statement true (T) or false (F)