If the price of an input falls, a firm would increase the use of that input for two reasons:
a. The input is now more productive, and the firm can substitute this input for other relatively more expensive inputs.
b. The input is now more productive, and overall production costs are now lower, meaning a firm may choose to increase production.
c. Overall production costs are now lower and the firm can substitute this input for other relatively more expensive inputs.
d. Overall production costs are now lower and the firm will have more of other inputs to use with the one in question.
c
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The Endangered Species Act has
A. saved all endangered species without affecting anyone. B. caused a loss of economic activities on some private land. C. had no impact on either the number of endangered species or other economic activities. D. further reduced the number of endangered species.
International protesters have expressed concerns that
A. international trade makes unionizing efforts easier. B. poor nations are over-represented at trade talks. C. international trade decentralizes control of economic issues. D. international finance centralizes control of economic issues in the hands of a relative few.
Suppose you pay $290.00 for a new tablet computer. This is an example of
A) money as a store of value. B) money as a standard of deferred payment. C) barter. D) money as a medium of exchange.
Book publishers use price discrimination routinely, but the form of price discrimination they use is different from the form used by airlines and other industries. Explain
What will be an ideal response?