The relationship between MPC and MPS is:
a. 1 + MPC = MPS.
b. 1 ? MPC = MPS.
c. 1 + MPS = MPC.
d. MPC ? MPS = 1.
b
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The MC of a firm:
A. crosses AVC and ATC at its minimum. B. crosses TC at its minimum. C. crosses MR at the above the profit-maximizing level of output. D. is a horizontal line indicating that costs are constant in perfect competition.
In a market system, ________ provide signals about whether resources are relatively scarce or abundant.
A. scientists B. buyers alone C. government officials D. prices
The idea of comparative advantage is related to
A) the idea of opportunity cost. B) the idea of absolute advantage. C) using the worker with the most diverse sets of skills. D) engineering efficiency.
Most developing countries (DVCs) exhibit a low level of:
A. Illiteracy B. Population growth C. Life expectancy D. Infant mortality