Average physical product measures the increase in total output that results from a one-unit increase in an input
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Acme Widget tells investors it wants to build a new widget factory and sell investors $10,000,000 in bonds to finance it
Once they have raised the $10,000,000 the owners of Acme Widget use the funds to finance a trip to Atlantic City to try out a new scheme they have devised to win at blackjack. This is an example of A) the adverse selection problem in financial markets. B) the moral hazard problem in financial markets. C) the difficulty lenders have in distinguishing good from lemon firms. D) the problems with using rational expectations in financial markets.
Monetarists believe that:
a. velocity is constant. b. velocity is highly predictable. c. there are three motives for demanding money. d. changes in the money supply cause changes in velocity. e. a change in the money supply can affect real GDP.
The "good news" for consumers from monopolistic competition is ________ but the "bad news" for producers is that ________.
A. lower prices than monopoly; there are higher production costs B. lower prices than monopoly; there are higher travel costs C. lower prices than monopoly; there is less product variety D. greater product variety; product prices are higher
A patent is a government-imposed entry barrier because
A) it allows a firm to achieve economies of scale. B) it is a key input owned by the firm that is granted the patent. C) it limits the quantity of a good that can be imported into a country. D) it gives a firm the exclusive right to a new product for a period of 20 years from the date the product is invented.