A firm will use land up to the point at which MRPA = PA, where A is acres of land.
Answer the following statement true (T) or false (F)
True
You might also like to view...
According to your text, there are substitutes for any scarce good,
A) but some demand curves are vertical. B) but the elasticity of demand for most goods is zero. C) but the law of demand only holds for inexpensive goods. D) but it often takes time for consumers to seek out useful substitutes.
In the quantity equation framework for understanding the determinants of long-run inflation, a rise in government spending ________ velocity, putting ________ pressure on inflation
A) raises, upward B) raises, downward C) lowers, upward D) lowers, downward
The market demand for wheat is Q = 100 - 2p + 1pb, where pb is the price of barley. If the price of wheat is $2, the price elasticity of demand
A) equals (-4/46). B) equals (-46). C) equals (-1). D) cannot be calculated without more information.
When housing prices fell during 2007, the mortgage default rate
a. declined as well. b. responded in a similar manner as during other recent recessions. c. increased substantially. d. changed very little.