Which of the following is characteristic of the marginal revenue product schedule for a resource?
a. It approximates the firm's demand curve for the resource.
b. It measures the change in total revenue resulting from employing an additional unit of the resource.
c. It is determined by multiplying the marginal product of the resource by the marginal revenue of the good produced.
d. All of these are true.
d
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The U.S. Department of Energy is investing $60 billion in rural parts of the U.S., largely in the Great Plains, in order to develop what alternative source of energy?
a. Wind power b. Solar power c. Biofuels d. Hydroelectric
According to a study of the price elasticities of products sold in supermarkets, the price elasticity of demand for toothpaste is estimated at -0.45. Which of the following could explain why the price elasticity of demand for toothpaste is so low?
A) Toothpaste is heavily endorsed by dentists. B) Toothpaste is relatively inexpensive. C) There are few close substitutes for toothpaste. D) The toothpaste industry is highly competitive.
Unions are often thought to cause conflict between different groups of workers -- between the insiders who benefit from high union wages and the outsiders who do not get the union jobs
a. True b. False Indicate whether the statement is true or false
The market demand curve shows the total quantity demanded per period by all consumers at various prices
Indicate whether the statement is true or false