The combination of food and clothing shown by point G on the above graph:
A. results only because society allocates its resources inefficiently.
B. can be attained only if some of society's resources are unemployed.
C. suggests that the law of increasing relative costs is not operating in this case.
D. is not attainable, given society's available resources and technology.
Answer: D
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Keynes was especially concerned with explaining the
A) recession of 1920-21. B) low levels of output and employment during the Great Depression. C) strong economic growth of the 1920s. D) high unemployment in Great Britain during the 1920s.
In utility analysis, it is assumed that marginal utility diminishes as consumption of a product decreases
a. True b. False Indicate whether the statement is true or false
Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being ________ and the long-run elasticity as being ________.
A. inelastic; elastic B. elastic; inelastic C. elastic; elastic D. inelastic; unit elastic
Assuming that labor is the only variable input with a fixed production facility, explain the relationship between the marginal product of labor and the marginal production cost.
What will be an ideal response?