Compensating wage differentials explain some income differences.
Answer the following statement true (T) or false (F)
True
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"The price elasticity of demand is a measure of how sensitive demanders are to changes in the price of a product." Is this statement true or false?
What will be an ideal response?
Use the international trade effect to explain why our aggregate demand curve is downward sloping
Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 5, Q = 125) and (L = 6, Q = 152). Then the marginal product of the 6th worker is
a. 25 units of output. b. 27 units of output. c. 37 units of output. d. 162 units of output.
The marginal revenue received by a perfectly competitive firm is greater than the price of a good
a. True b. False Indicate whether the statement is true or false