If hiring one more worker causes the average product of labor to fall, then:
A. the marginal product of labor is less than the average product of labor.
B. the marginal product of labor is equal to the average product of labor.
C. the marginal product of labor is greater than the average product of labor.
D. the marginal product of labor is negative.
A. the marginal product of labor is less than the average product of labor.
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In monopolistically competitive markets, products are ________ and there ________ barriers to entry
A) identical; are no B) differentiated; are no C) identical; are D) differentiated; are
During the delivery period,
A) the futures price exceeds the price in the cash market. B) the price in the cash market exceeds the futures price. C) the futures price and the price in the cash market are equal. D) there is no discernible relationship between the futures price and the price in the cash market.
The idea that contact with others with high levels of human capital increases ones own human capital is called human capital
A) contagion. B) externality. C) transference. D) convergence.
A Keynesian short-run aggregate supply curve has a flatter portion and a steep portion. How does a decrease in aggregate demand affect the actual real GDP differently across these two portions?
a. There is a large decrease in the actual real GDP across the flatter portion and a small decrease in the actual real GDP across the steep portion. b. There is a large increase in the actual real GDP across the flatter portion and a small increase in the actual real GDP across the steep portion. c. There is a small decrease in the actual real GDP across the flatter portion and a large increase in the actual real GDP across the steep portion. d. There is a small increase in the actual real GDP across the flatter portion and a large increase in the actual real GDP across the steep portion.