The ________________deals with the relationship between the factors of production and the output of goods and services.
Fill in the blank(s) with the appropriate word(s).
Ans: theory of production
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Assuming all else equal, if the price of each unit of capital rises, ________
A) a firm moves to a higher point along its labor demand curve B) a firm moves to a lower point along its labor demand curve C) a firm's labor demand curve shifts to the left D) a firm's labor demand curve shifts to the right
The only two firms in a market are trying to decide what price to charge. The payoff matrix for this duopoly game is shown above. The payoffs are thousands of dollars of economic profit
In the Nash equilibrium, Firm A will set a price of ________ and Firm B will set a price of ________. A) $10; $20 B) $20; $10 C) $10; $10 D) $20; $20 E) $20; something, but more information is needed to determine Firm B's price
Labor unions will raise the quantity of labor demanded
a. True b. False Indicate whether the statement is true or false
An economist who favors smaller government would recommend:
A. increases in government spending during recession and tax increases during inflation. B. tax increases during recession and tax cuts during inflation. C. tax cuts during recession and reductions in government spending during inflation. D. tax cuts during recession and tax increases during inflation.