The data in the table reveal that
| Unit of Labor | Total Product | Product Price |
| 0 | 0 | $2.20 |
| 1 | 15 | 2.00 |
| 2 | 28 | 1.80 |
| 3 | 39 | 1.60 |
| 4 | 48 | 1.40 |
| 5 | 55 | 1.20 |
| 6 | 60 | 1.10 |
A. there is no level of output at which this firm can operate at a profit.
B. the firm is selling its product in an imperfectly competitive market.
C. the firm is selling its product in a purely competitive market.
D. the law of diminishing returns is not applicable to this firm.
Ans: B. the firm is selling its product in an imperfectly competitive market.
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The Bahamas and Cayman Islands are known for their warm, sandy beaches and their
A) Edge Act corporations. B) shell banks. C) section 20 affiliates. D) high taxation.
According to Keynes, what is the most important determinant of households' spending on goods and services?
a. The price level. b. The interest rate. c. Autonomous consumption. d. Disposable income.
Deficit spending
What will be an ideal response?
If a good is normal, then an increase in income will result in a(n)
a. increase in the demand for the good. b. decrease in the demand for the good. c. movement down and to the right along the demand curve for the good. d. movement up and to the left along the demand curve for the good.