A firm will hire a unit of input only if its
A. marginal physical product and marginal revenue product are positive.
B. marginal physical product and marginal revenue product are negative.
C. marginal physical product is positive and whose marginal revenue product is negative.
D. marginal physical product is negative and whose marginal revenue product is positive.
A. marginal physical product and marginal revenue product are positive.
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If a duopoly has reached the monopoly outcome and only one firm increases its production, that firm's profit ________ and the other firm's profit ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases E) increases; does not change
The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?
A) Figure A B) Figure B C) Figure C D) Figure D
In the standard consumption function of C = a + bY, a change in corporate stock prices would be reflected by a change in
A) Y. B) b. C) a. D) both A and B.
If you were building a macroeconomic model that explores the effect of the aging population on the needed expenditure for Social Security and Medicare, the exogenous variable(s) would be the
A) aging population. B) needed expenditure on Social Security. C) needed expenditure on Medicare. D) needed expenditure on both Social Security and Medicare.