Total product is maximized where
A) average product is maximized.
B) marginal product is maximized.
C) average product is equal to 0.
D) marginal product is equal to 0.
D
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A substitute is a good or service:
a. that can be used in place of another good or service. b. used with another good or service. c. that cannot be replaced with another good or service. d. that can have no demand for itself.
The equation of exchange
A. always balances. B. usually balances. C. sometimes balances. D. never balances.
Refer to the graph below, which shows the market for bicycles. S1 and D1 are the original supply and demand curves. D2 and D3 and S2 and S3 are possible new demand and supply curves. Starting from the initial equilibrium (point 1), which point on the
graph is most likely to be the new equilibrium after the introduction of technological improvements in bicycle production, and successful publicity campaigns by the government on the virtues of bicycling to work?
A. 3
B. 4
C. 5
D. 6
The law of supply includes the statement "other things being equal." These other things include all of the following EXCEPT
A) resource prices. B) technology. C) producers' expectations. D) consumer's income.