The resource market comprises of households and firms where the firms sell their resources to the households
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is a determinant of the price elasticity of demand for a product? I. The existence of substitute goods II. The percentage of a consumer's total budget devoted to purchases of that commodity
A) I only B) II only C) both I and II D) neither I nor II
Marginal utility is always ______ total utility.
a. greater than b. less than c. equal to d. irrelevant to
For a perfectly competitive firm, the value of the marginal product is
A) the same thing as marginal factor cost. B) the same thing as marginal physical product. C) marginal physical product times the product price. D) marginal physical product times the wage rate.
The initial effect of the 2009 Obama Stimulus Plan upon the federal budget was to
A. eliminate the corporate income tax liabilities of major oil companies. B. increase the federal budget deficit by as much as $750 billion. C. eliminate all opportunities for "logrolling" in the Congress. D. all of the options are correct.