Refer to Scenario 10.5. From the perspective of the firm, what is the marginal cost of the 5th garden hose?
A) 4
B) 5
C) 16
D) 12
E) 8
B
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Describe two ways that public policy could reduce the natural rate of unemployment
Related to the Economics in Practice on p. 476: The paradox of thrift is that all people deciding to save more could lead to them saving less.
Answer the following statement true (T) or false (F)
As firms hire additional units of labor, eventually the marginal revenue product will always increase.
Answer the following statement true (T) or false (F)
Refer to the graph below. It is given that the economy is at an initial equilibrium at point A. In mainstream economic view, the effect of a significant increase in productivity on the economy can best be represented by a shift from:
A. ASLR2 to ASLR1
B. AD1 to AD2
C. ASLR1 to ASLR2
D. AD2 to AD1