Consumers should purchase quantities of a good to the point where MU > P.
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Answer the following statement true (T) or false (F)
False
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Empiricism refers to the process of:
A) making choices using values and beliefs. B) measuring variables. C) testing ideas using data. D) collecting and organizing data.
The growth rate of real GDP per person equals the
A) population growth rate plus the growth rate of real GDP. B) change in the economic growth rate divided by the change in the population growth rate. C) the economic growth rate per person divided by the change in the population growth rate. D) growth rate of real GDP minus the growth rate of the population. E) population growth rate plus the growth rate of real GDP then divided by the initial level of real GDP.
Suppose a monopsonist wants to hire more workers. If it has to pay the same wage rate to all of its workers
a. the marginal labor cost will fall while the wage rate will rise b. the wage rate will fall while the marginal labor cost will rise c. the difference between the wage rate and the marginal labor cost will decrease d. the difference between the wage rate and the supply curve of labor will increase e. both the wage rate and the marginal labor cost will increase
Assume product A is an input in the production of product B. In turn product B is a complement to product C. We can expect a decrease in the price of A to:
A. decrease the supply of B and decrease the demand for C. B. increase the supply of B and increase the demand for C. C. decrease the supply of B and increase the demand for C. D. increase the supply of B and decrease the demand for C.