The optimal level of resource use comes when
a. MRP exceeds input price.
b. MRP is less than input price.
c. MRP equals input price.
d. use of the resource exhausts the producer's funds.
c
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Suppose real disposable income increases by $1,000. Given this information, we know that
A) consumption will generally increase by more than $1,000. B) saving will generally increase by exactly $1,000. C) consumption will generally increase by exactly $1,000. D) consumption will generally increase by less than $1,000.
Which of the following provides a measure of the overall fit of a regression?
A. The t-statistic and the P-value B. P-value C. t-statistic D. F-statistic
The most desired goods and services that are foregone in order to obtain something else are the
A. Average total cost. B. Marginal cost. C. Opportunity cost. D. Variable cost.
If the substitution effect of wage increases is greater than the income effect, then the individual labor supply curve is positively sloped in the short run.
Answer the following statement true (T) or false (F)