A competitive firm will use a factor of production as long as its marginal revenue product exceeds its unit cost.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Water is essential to life, while diamonds are not. However, water is cheap and diamonds are expensive. This paradox can be resolved by focusing on:
A) total utility rather than average utility. B) average utility rather than marginal utility. C) marginal utility rather than total utility. D) total utility rather than marginal utility. E) average utility rather than total utility.
Refer to the scenario above. Jack will derive ________ units of utility if he tries to move the tree while Jill does not try at all
A) 5 B) -5 C) -2 D) 10
The international unit of accounting used by the IMF is the
A) euro. B) special financial right. C) special drawing right. D) dollar.
If Japan has a trade surplus and the United States has a trade deficit, the trade gap could be eliminated by:
A. expansionary monetary policy in both Japan and the United States. B. expansionary monetary policy in Japan or contractionary monetary policy in the United States. C. contractionary monetary policy in both Japan and the United States. D. contractionary monetary policy in Japan or expansionary monetary policy in the United States.