Average product measures:
A. the marginal product averaged across all inputs.
B. the quantity of output produced per unit of input.
C. the additional output created from an additional unit of input.
D. All of these are true.
Answer: B
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In perfect competition, all the following situations arise except ________
A. firms produce an identical good or service B. each firm chooses the price at which to sell the good it produces C. firms can sell any quantity they choose to produce at the market price D. buyers know each seller's price
If, while you are holding a coupon bond, the interest rates on other similar bonds fall, you can be sure that
A) the coupon payments on your bond will fall. B) the market price of your bond will rise. C) the market price of your bond will fall. D) the par value of your bond will rise.
In the long run, a firm will exit a competitive industry if
a. total revenue exceeds total cost. b. the price exceeds average total cost. c. average total cost exceeds the price. d. Both a and b are correct.
Lenders are typically compensated for the risk of default with
A. Shares of the company's profits. B. Above-average interest rates. C. Dividend payments. D. Bonds.