The demand for factor inputs:
A. depends upon the markets for the goods that they are used to produce.
B. is referred to as imputed demand.
C. is independent of how much they contribute to the value of the end product.
D. is generally constant across most factor markets.
A. depends upon the markets for the goods that they are used to produce.
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Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the beach is:
A. the value she places on seeing the movie plus the $12 she spent on the umbrella, food and drinks. B. the $12 she spent on the umbrella, food and drinks. C. the value she places on seeing the movie. D. only $0 because she would have spent $12 to go to the movie.
From the standpoint of the economy as a whole, the role of insurance is not to eliminate the risks inherent in life. Then what is its purpose?
Itemized deductions are reductions of adjusted gross income that depend on
A. family size. B. how money is spent (e.g. on state and local taxes or home mortgage interest). C. family structure (i.e. filing status). D. how much money is saved.
In a competitive market,
A. Neither buyers nor sellers have market power. B. Buyers and sellers both have market power. C. Sellers don't have market power but buyers do. D. Buyers don't have market power but sellers do.