If the price of a good is below the equilibrium price,
What will be an ideal response?
there is a shortage and the price will rise
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Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the marginal product from hiring the fourth worker?
A) 70 gallons of gasoline B) 280 gallons of gasoline C) 40 gallons of gasoline D) 80 gallons of gasoline
It is estimated that approximately __________ percent of U.S. depositors have their deposits fully federally insured
A) 25 B) 40 C) 70 D) 99
When the economy is at the full employment level of real GDP, expansionary fiscal policy will not increase the economy's total output in the long run
a. True b. False Indicate whether the statement is true or false
A profit-maximizing, competitive firm will always hire an additional worker when the additional worker makes a positive contribution to
a. total revenue. b. total profit. c. the value of the marginal product of labor. d. marginal revenue.