The increase in output that results when one more unit of a variable input is hired is called
A) total physical product.
B) marginal physical product.
C) average physical product.
D) marginal revenue.
B
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One likely result of monopoly power is
a. a wide variety of substitute products from which consumers can choose b. an elimination of barriers to industry entry c. a decline in government regulation d. a higher price than would exist in a competitive industry e. an improvement in allocative efficiency
Proved reserves of natural gas and oil
a. will last only another five years at the current worldwide consumption rate. b. reveal little about whether the world is about to run out of these resources since they are calculated at present levels of price and technology. c. are just another way of measuring how many years civilization will continue. d. indicate that the supply of petroleum will be depleted by the year 2020 unless governments adopt price controls and energy rationing.
Because pollution taxes raise the costs of production for firms, firms:
A. will lower prices to consumers. B. must receive a higher price at every level of output. C. will increase the quantity produced at every price. D. will quit producing goods that generate pollution.
The nominal price of a desk increased from $20 in 2005 to $65 in 2016. The Consumer Price Index (CPI) was 125 in 2005 and 250 in 2016. We can say that
A) the real price of a desk increased over time. B) the real price of a desk fell over time. C) the real price of a desk has not changed over time. D) There is not enough information to determine the real price of a desk.