How much of a resource a firm will purchase depends on
A. the price of that resource.
B. the productivity of that resource.
C. the selling price of the final product that the resource helps to produce.
D. All of the choices are correct.
D. All of the choices are correct.
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If Norwegian workers are more productive than Albanian workers, then trade between Norway and Albania
A) will take place so long as each country has a comparative advantage in a good or service that buyers in the other country want. B) cannot take place until Albanian workers become more productive. C) can take place only if Albania has an absolute advantage in producing a good or service Norwegian buyers want. D) cannot take place because Norwegian goods and services will be less expensive than Albanian goods and services.
When government owns a natural monopoly and avoids subsidies, it:
A. still creates deadweight loss. B. sets price above marginal cost. C. recognizes setting price equal to marginal cost would cause the enterprise to incur losses. D. All of these statements are true.
The occurrence of bank failures in the United States
a. ended after 1933 and the creation of the FDIC. b. increased dramatically during the Clinton administration. c. reappeared in intensity in the late 1990s and early 2000s. d. reappeared in the 1980s and early 1990s and again in 2006.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD3 the result in the short run would be:
A. P1 and Y2. B. P2 and Y3. C. P3 and Y1. D. P2 and Y2.