The following is a total-product schedule for a resource. Assume that the quantities of other resources the firm employs remain constant.Units of ResourceTotal Product124242460680792If the product the firm produces sells for a constant $3 per unit, the marginal product of the fourth unit of the resource is
A. $15.
B. $18.
C. $27.
D. $45.
Answer: C
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Indicate whether the statement is true or false
During the period from 1970 to the present, the U.S. economy experienced a Great Inflation, a Great Moderation, and a Great Recession. How does this sequence illustrate the concept of a "business cycle"?
What will be an ideal response?
For each of the following statements, define all of the underlined terms. Then, explain why the statement is true or false
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Intellectual property includes
a. all of the following b. literary, artistic and musical works, and scientific inventions c. computers, calculators, and word processors d. desks, bookshelves, and notebooks e. office space, computers, and telephones