A curve that shows the cost to the firm of hiring an additional unit of a resource is known as a
a. marginal product curve
b. marginal revenue product curve
c. total revenue product curve
d. marginal revenue curve
e. marginal resource cost curve
E
You might also like to view...
The function of economic institutions is to:
a. determine the profit margin of producers. b. determine how much an economy benefits from trade. c. define the environment in which we can trade. d. define the terms of trade between nations.
If the marginal propensity to consume (MPC) is 0.75, a $50 decrease in government spending, other things being equal, would cause equilibrium real GDP to:
A. increase by $50. B. decrease by $50. C. increase by $200. D. decrease by $200.
A graph showing all the combinations of capital and labor available for a given total cost is the
A. isocost line. B. budget constraint. C. expenditure set. D. isoquant.
What has been the rationale made over the years to justify government subsidies for agriculture?
What will be an ideal response?