Perfect substitutes have a constant _____
a. marginal propensity to consume
b. marginal propensity to save
c. marginal rate of substitution
d. marginal rate of return
c
You might also like to view...
Expenditures on human resources comprise about ¬¬¬¬_____ of federal expenditures
a. half b. one-third c. one-fourth d. two-thirds
A fundamental principle of economics is that every choice has a(n) _____________ cost.
a. established b. variable c. fixed d. opportunity
Refer to Figure 8.8. At the market price of $8 per bushel, if this farmer produces 700 bushels of soybeans, the total revenue would be A) $1,200. B) $2,800. C) $5,600. D) $8,400.
In the short run, for a firm in monopolistic competition
A) the firm's economic profit must equal zero. B) marginal revenue exceeds marginal cost. C) price exceeds marginal cost. D) the firm is a price taker.