With ______ returns to scale, production is most efficient if there is ______.
A. decreasing; a single producer
B. increasing; a large number of producers
C. constant; a single producer
D. increasing; a single producer
D. increasing; a single producer
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The quantity theory of money argues that, in the long run, the percentage change in money will create an equal percentage change in
A) velocity. B) real GDP. C) potential GDP. D) the price level.
In a monopolistically competitive scenario, as more firms enter into the industry, the long run demand curve for most firms will tend to become: a. more inelastic. b. vertical
c. horizontal. d. more elastic.
A firm's labor demand curve shows the relationship between the
a. wage rate and the quantity of labor supplied b. marginal revenue product of labor and the marginal product of labor c. wage rate and the quantity of labor demanded d. marginal product of labor and the quantity of labor demanded e. wage rate and the quantity demanded of the good produced by labor
The lure of ____ directs resources to optimally efficient activities and time periods
a. future consumption b. present consumption c. market share growth d. profits