In the capital market, the purchase price is what a:
A. producer pays to use a factor of production for a certain period or task.
B. producer pays to gain permanent ownership of a factor of production.
C. consumer pays to use labor or land services for a certain period or task.
D. consumer pays to gain permanent ownership of a factor of production.
B. producer pays to gain permanent ownership of a factor of production.
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Are the short-run and long-run average cost curves U-shaped for the same reason? Explain
What will be an ideal response?
ATMs and human bank tellers:
A. are substitute resources. B. are capital goods. C. have both declined in number because of bank mergers. D. are complementary resources.
An unregulated natural monopolist would produce to the point at which
A. P = MR. B. MR = ATC. C. P = ATC. D. MR = MC.
In the absence of productivity growth, in a steady-state economy,
A. output per worker remains constant over time, but consumption per worker grows over time. B. output per worker and consumption per worker both grow over time. C. output per worker and consumption per worker remain constant over time. D. output per worker grows over time, but consumption per worker remains constant over time.