Marginal benefit is the benefit ________ one more unit of the good and ________ of the good increases
A) of producing; increases as production
B) of producing; decreases as production
C) from consuming; increases as consumption
D) from consuming; decreases as consumption
D
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If skilled labor is three times the cost of unskilled labor, a profit-maximizing firm will vary the quantity of each type of labor until the
a. marginal product of each is the same. b. amount of unskilled labor used is three times the quantity of skilled labor used. c. amount of unskilled labor used is one-third the quantity of skilled labor used. d. marginal product of unskilled labor is one-third that of skilled labor.
Unemployment due to the fact that workers have difficulty in the search for appropriate job offers is
A. frictional unemployment. B. structural unemployment. C. cyclical unemployment. D. seasonal unemployment.
If a country has a comparative advantage in producing a product, it must also have an absolute advantage in producing that product
Indicate whether the statement is true or false
Economists study perfect competition
A. because many markets are perfectly competitive. B. for its descriptive realism. C. to establish a benchmark by which to measure the performance of the economy. D. All of the responses are correct.