If the demand for a product decreases and the supply of the same product decreases, the equilibrium price will decrease
Indicate whether the statement is true or false
FALSE
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The figure above shows Sally's budget line and one of her indifference curves. At point a, Sally's marginal rate of substitution is ________
A) 1/4 B) 4 C) 10 D) 40
The marginal product of the fourth worker is
A) 150 units of output. B) 24 units of output. C) negative. D) 36 units of output.
The U.S. banks have grown primarily through: a. America's longstanding preference for big banks. b. surviving banks buying up bankrupt banks
c. excellent customer service. d. mergers and acquisitions. e. deposit insurance policy.
The local ice cream shop is trying to figure out how many workers to hire, and part of the decision will be based on the marginal product of labor. The following table shows a short-run production function for quantity of ice cream tubs produced. Diminishing marginal returns begins after hiring which worker?
a. first b. second c. third d. fourth