The principle of marginal productivity
a. is the same as the principle of marginal cost.
b. helps explain the demand for each input.
c. differs from industry to industry.
d. allows the world's food to be grown in a flower pot.
b
You might also like to view...
For a profit maximizing monopolist, if the MC = 10 and price is set to be 20, then the elasticity at this price is
A) -2. B) -1. C) -0.5. D) 0.
Double counting in the resource cost-income approach to GDP refers to
a. corporate income being taxed twice b. the amount of income taxes paid to states that is taxable by the federal government c. calculating GDP twice using the income and expenditures methods d. adding the value of exports to GDP and subtracting the value of imports e. counting the total value of a final output in addition to the value of the inputs used to make it
Mutual interdependence among firms in an oligopoly means that:
a. firms never form a cartel. b. it is difficult to know how firms will react to decisions of rivals. c. no formal agreement is possible among firms. d. firms never practice price leadership.
When computing the opportunity cost of attending a basketball game you should include
a. the price you pay for the ticket and the value of your time.
b. the price you pay for the ticket, but not the value of your time.
c. the value of your time, but not the price you pay for the ticket.
d. neither the price of the ticket nor the value of your time.