Marginal physical product of labor equals
A) the wage.
B) the wage divided by marginal cost.
C) marginal cost divided by the wage.
D) marginal cost times the wage.
Answer: B
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Holding nonmonetary assets and converting them to money when necessary is justifiable so long as
A) nonmonetary assets pay an interest rate above that available on money. B) nonmonetary assets pay an interest rate below that available on money. C) money, and not nonmonetary assets, are generally used in transactions. D) money and nonmonetary assets are both used as bartering items.
A situation in which the price charged is equal to society's opportunity cost is known as
A) market failure. B) marginal monopoly pricing. C) marginal profits. D) marginal cost pricing.
If the price index rises from 100 to 120, the purchasing power value of the dollar:
A. may either rise or fall. B. will rise by one-sixth. C. will fall by one-sixth. D. will rise by 20 percent.
The fact that the behavior of one firm depends on the behavior of other firms is what differentiates oligopoly markets from the other three market structure types (perfect competition, monopoly, and monopolistic competition).
Answer the following statement true (T) or false (F)