At Phil's Pretzel Stand, we found the following:
4 laborers produced 66 pretzels
5 laborers produced 76 pretzels
6 laborers produced 85 pretzels
7 laborers produced 88 pretzels
What was the marginal physical product of the seventh laborer?
A) 10 pretzels
B) 9 pretzels
C) 3 pretzels
D) none of the above due to insufficient information
Answer: C
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The marginal propensity to consume describes ________
A) the tendency to consume fringe, or unusual items B) the impact of a change in spending on income C) the impact on consumption resulting from a change in income D) lifetime consumption resources
A share of stock indicates that the company owes money to the person owning the share.
Answer the following statement true (T) or false (F)
Which legal claim has a fixed annual coupon payment?
A. common stock B. preferred stock C. bond D. reinvestment
Monopolies are inefficient because
A. they charge a price above marginal cost. B. they price discriminate. C. they maximize profits. D. they always make above-normal profits.