Demand applies to which of the following?
A) fast food
B) criminal activity
C) labor market
D) all of the above
D
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The marginal propensity to consume (MPC) is the fraction of additional income that is spent
Indicate whether the statement is true or false
The production function is the
a. increase in the amount of output from an additional unit of labor. b. marginal product of an input times the price of output. c. relationship between the quantity of inputs and output. d. shift in labor demand caused by a change in the price of output.
What is the Portugal's opportunity cost of producing 3 bottles of wine?
Gemma gains more satisfaction from eating at a French restaurant then she does from eating at a Chinese restaurant. This is a comparison of the ______ that the two dining experiences have for her.
a. equilibrium b. endowment c. substitution d. utility