In general, as units of resource inputs rise, the marginal revenue product
A. rises faster under imperfect competition than under perfect competition.
B. rises faster under perfect competition than under imperfect competition.
C. falls faster under perfect competition than under imperfect competition.
D. falls faster under imperfect competition than under perfect competition.
D. falls faster under imperfect competition than under perfect competition.
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In the "non-market-clearing model" the level of final goods sales and unemployment during a recession are
A) the result of interactions between supply and demand. B) higher than would be the case in a market clearing model. C) caused by the rapid adjustment of prices and wages. D) the result of wage and price rigidities.
A common resource is:
A. rival in consumption and excludable. B. not rival in consumption, but excludable. C. rival in consumption, but not excludable. D. not rival in consumption and not excludable.
If there were no usury law the quantity of money borrowed would be $_______ billion.
A. 125
B. 250
C. 275
D. 300
Answer the following statement(s) true (T) or false (F)
1. Government expenditures are currently the lowest percentage of GDP they have ever been. 2. Transfer payments have doubled since the 1960s. 3. Social security, Medicare, and Medicaid are all discretionary programs. 4. State and local spending closely mirrors federal spending. 5. State and local governments receive significant funds from the federal government.