The increase in output that is generated by an additional unit of input is called the:
A. resource product.
B. input-output relationship.
C. marginal product.
D. production function.
Answer: C
You might also like to view...
M1 includes all the following items EXCEPT ________
A) checking deposits owned by individuals and businesses B) traveler's checks C) deposits in money market mutual funds D) currency owned by individuals and businesses
In the short run, a firm in a monopolistic competition will produce the amount of output where its
A) marginal revenue equals marginal cost and will set its price according to the demand for that amount of output. B) marginal revenue equals marginal cost and takes the market price as given. C) average revenue equals average cost and will set its price according to the demand for that amount of output. D) average revenue equals its average cost and takes the market price as given.
If demand is inelastic and the price of a product decreases by 10 percent, then
A) the change in quantity demanded is less than 10 percent. B) the change in quantity demanded is equal to 10 percent. C) the change in quantity demanded is greater than 10 percent. D) the decrease in quantity demanded is greater than 0 percent.
Marginal social costs are the sum of marginal private costs and incidental costs.
Answer the following statement true (T) or false (F)