If an insurance company hires a resource in a perfectly competitive resource market and it wants to maximize profit, it will hire where marginal revenue product equals
a. the price of the resource, which equals its marginal resource cost
b. the price of the resource, which is greater than its marginal resource cost
c. the price of the resource, which is less than its marginal resource cost
d. marginal product
e. the price of the product
A
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A) increases when the price of the firm's output falls. B) decreases when the price of the firm's output falls. C) decreases when the wage rate decreases. D) always increases when the prices of other factors fall.
The Congress of Industrial Organizations (CIO) was formed in 1938 by
A) John L. Lewis. B) Samuel Gompers. C) Walter Reuther. D) Ralph Nader.
Explain in detail how the California gold rush contributed to rising prices in the early 1850's
Explain the economic fallacy in the statement: “If the Jones family would just cut up their credit cards and live within their means, they’d be better off. And if consumers in this nation cut up their credit cards and lived within their means, the
nation would be better off.” Please provide the best answer for the statement.