When the price of a product decreases, the marginal revenue product curve in a perfectly competitive market
A) does not change.
B) becomes flatter.
C) shifts to the right.
D) shifts to the left.
D
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What are the two features of money that distinguish it from all other goods in the economy?
A) Money is government issued and it is redeemable for gold or silver. B) Money is accepted as a medium of exchange and it is the common unit of account used to express prices. C) Money is part of every barter transaction and it is divisible. D) Money is a common unit of account and it is also can be traded for other currencies at a guaranteed exchange rate.
Keynes and the classicals used _____ aggregate demand and supply apparatuses and came to _____ conclusions.
A. the same; the same B. different; different C. the same; different D. different; the same
You paid $35 for a ticket (which is non-refundable) to see SPAM, a local rock band, in concert on Saturday. Assume that $35 is the most you would have been willing to pay for a ticket. Your boss called, and she is looking for someone to cover a shift on Saturday at the same time as the concert. You would have to work 4 hours and she would pay you $11/hr. The psychic cost to you of working is $2/hr. What is the opportunity cost of going to the concert?
A. $35 B. $1 C. $9 D. $36
Identify at least three possible sources for a risk an individual may face in planning for retirement.
What will be an ideal response?