The marginal product of an input is equal to the change in total product resulting from a one-unit increase in the quantity of that input.
Answer the following statement true (T) or false (F)
True
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In a perfectly competitive market, because an individual seller tends to sell only a fraction of the total amount of the good produced:
A) he can independently determine the market price. B) he can charge prices above the equilibrium price. C) his individual choices do not affect market outcomes. D) he always earns positive profit.
According to the Bureau of Economic Analysis, household disposable income fell by 0.3 percent of August, 2012. If all else remains the same, what is the likely impact of this fall on the real interest rate?
A) The real interest rate will rise. B) The real interest rate will fall. C) A change in household disposable income will have no impact on the real interest rate. D) The impact on the real interest rate is ambiguous.
A firm's external financing need is met by:
a. debt or equity. b. owners' equity, including retained earnings. c. net working capital and retained earnings. d. net income and retained earnings. e. retained earnings.
A game in which the players explicitly coordinate their decisions to make themselves better off is a
A) cooperative game. B) noncooperative game. C) zero-sum game. D) negative-sum game.