The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition
a. True
b. False
Indicate whether the statement is true or false
True
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The implementation lag is
A) the time it takes for policy makers to obtain data indicating what is happening in the economy. B) the time it takes for policy makers to be sure of what the data are signaling about the future course of the economy. C) the time it takes to pass legislation to implement a particular policy. D) the time it takes for policy makers to change policy instruments once they have decided on the new policy. E) the time it takes for the policy actually to have an impact on the economy.
If there are 500 firms in an industry, and the four-firm concentration ratio is 90 percent, then
a. 496 firms account for the remaining 10 percent of sales b. the industry must be monopolistic competition c. the 4 firms each have 90 percent market share d. the top four firms are a monopoly e. the leading four firms receive 10 percent of industry profit
Currency devaluations help suppliers because they make exports ________ expensive in the _____________ currency
a. Less; domestic b. Less; foreign c. More; domestic d. More; foreign
A firm now produces its sales-maximizing level of output. If the firm increased its output by one unit, its marginal revenue would become
a. negative. b. smaller but still positive. c. larger but still negative. d. larger but still positive.