The marginal revenue product of labor curve will always shift to the left if
A. product demand increases and product price increases.
B. the price of capital falls.
C. the wage rate falls.
D. product demand decreases and product price decreases.
Answer: D
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If a small plant is more efficient than either a medium-sized or a large plant, the situation must be one of
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. None of these.
If the market in the figure above is a monopoly that maximizes its profit and charges every consumer the same price for each unit of output the consumer buys, the consumer surplus is equal to ________.
A) area A.
B) area B.
C) area C.
D) area D.
Neo-Keynesians believe that the market power exercised by unions, monopolies, and particular resource suppliers created the Phillips curve
Indicate whether the statement is true or false
Which of the following is true of government purchases?
What will be an ideal response?