Marginal revenue product is the effect of a one-unit increase in an input on the cost of production.
Answer the following statement true (T) or false (F)
False
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
A production possibilities frontier shows
A) the various combinations of output a nation can produce a certain time, given its available resources and technology. B) the limits to future growth of a nation. C) how money can be allocated among two kinds of goods. D) that if price of one good decreases, the price of the other has to increase. E) that it is impossible to produce inefficiently.
A merger will be challenged by the FTC in a market where the Herfindahl-Hirschman Index (HHI) is ________, and the merger would increase it to ________
A) 2,900; 3,100. B) 1,700; 1,760 C) 800; 950 D) 2,000; 2,040
Bob values the utility of a single scoop of Baskin-Robbins ice cream at $1.50 . A double scoop gives total utility of $2.25, while a triple scoop yields $2.60 . Baskin-Robbins charges $1.35 for a single, $1.95 for a double, and $2.35 for a triple. How many scoops will Bob buy?