Which is NOT an example of an intermediate input?
A. A computer chip factory built in Arizona
B. Electricity used in a school
C. Toilet paper used in an office
D. A new chair for a restaurant dining room
Answer: A
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Refer to Table 19-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals
A) $2,200. B) $2,100. C) $1,600. D) $1,400.
Mutual interdependence among firms is one of the key characteristics of an oligopoly market that distinguishes it from the other three major market structures
Indicate whether the statement is true or false
In a monopsonistic market, a firm's demand curve for labor is equal to its marginal revenue product and has a nonzero slope
Indicate whether the statement is true or false
The competitive firm's profit-maximizing quantity of labor is the quantity where the:
A. value of the marginal product of labor is equal to the profit. B. quantity of the marginal product of labor is equal to the market wage. C. quantity of the marginal product of labor is equal to zero. D. value of the marginal product of labor is equal to the market wage.