An addition of a complementary resource would ______ the marginal revenue product of any given resource.
A. raise
B. lower
C. have no effect upon
A. raise
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A "mixed strategy" equilibrium means that
A) the strategies chosen by the players represent different behaviors. B) one player has a dominant strategy, and one does not. C) one player has a pure strategy, and one does not. D) the equilibrium strategy is an assignment of probabilities to pure strategies. E) the equilibrium strategy involves alternating between a dominant strategy and a Nash strategy.
What does job specialization do?
a. It allows workers to focus on the parts of the production process where they have an advantage. b. It allows workers to focus on all aspects of the production process. c. It allows organizations to maximize the tasks in which workers perform. d. It allows the production process to be performed by a single worker.
The "story of agriculture" in the United States is one of
a. lesser output per acre and a greater number of farms b. smaller farm size and greater output per acre c. increase in technological adaptation on smaller farms d. governmental intervention in determining all farm prices e. technological advance, greater productivity for farms, and fewer farms
Suppose that the price of doughnuts decreases. Given that doughnut holes are a by-product of producing doughnuts, one would expect:
A. the supply of doughnuts to decrease. B. the supply of doughnuts to increase. C. the supply of doughnut holes to increase. D. the supply of doughnut holes to decrease.