At a monopolistically competitive firm's current level of product development, marginal revenue of product development is greater than its marginal cost. The firm will ________
A) sell only new products
B) increase product development only if the consumer benefits
C) decrease product development
D) increase product development
D
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The table above shows the total product schedule for The X Firm. Decreasing marginal returns occur with the ________ worker because ________
A) 5th; the marginal product of labor for the 5th worker is less than the marginal product of the 4th worker B) 5th; the average product of labor is also declining C) 4th; output reaches is maximum D) 6th; output starts to decline E) 6th; the marginal product of labor is greater than the average product of labor
A government program that invested in financial institutions and automakers to help stabilize markets during the great recession of 2008 was the _____
a. Troubled Asset Relief Program b. Social Security System c. Supplemental Security Income Program d. Public Housing Assistance Program e. Deposit Insurance Program
Other things the same, if prices fell when firms and workers were expecting them to rise, then
a. employment and production would rise. b. employment would rise and production would fall. c. employment would fall and production would rise. d. employment and production would fall.
The main factor that explains the difference between accounting cost and economic cost is
A) opportunity cost. B) fixed cost. C) variable cost. D) All of the above help to explain the difference.