When the productivity of a resource declines, its ________ and its _________ also declines.
Fill in the blank(s) with the appropriate word(s).
MPP; MRP
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The change in total product occurring when a variable input is increased and all other inputs are held constant is
A. marginal product. B. average total cost. C. average product. D. marginal cost.
In long-run equilibrium for a monopolistically competitive industry,
A. all firms break even. B. all firms suffer losses. C. firms can earn a profit, suffer a loss, or break even. D. all firms earn a profit.
Which of the following statements best describes what occurs when monetary authorities sell government securities?
A. The size of commercial banks' excess reserves decreases, the money supply decreases, and the interest rates rise, thereby causing a decrease in investment spending and real GDP. B. The size of commercial banks' excess reserves decreases, the money supply decreases, and interest rates rise, thereby causing an increase in investment spending and real GDP. C. The size of commercial bank reserves increases, the money supply increases, and interest rates fall, thereby causing an increase in investment spending and real GDP. D. The size of commercial banks' excess reserves decreases, the money supply increases, and interest rates fall, thereby causing a decrease in investment spending and real GDP.
Suppose a farmer is a price taker for soybean sales with cost functions given by TC = .1q2 + 2q + 30 MC = .2q + 2 The profit maximizing level of output is
a. 0 b. 30 c. 40 d. 50