If marginal product is negative, total product must be negative
a. True
b. False
B
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Domestic producers require time to gain experience and lower their unit costs; this will allow these producers to compete successfully in international markets. This statement describes the ________ argument for protectionism
A) protecting national security B) diseconomies of scale C) infant industry D) anti-dumping
Explain why in the long run a firm that is cost minimizing will choose K and L where:
w/MPL = r/MPK What does this tell you about the marginal cost of increasing output through hiring labor and the marginal cost of increasing output through adding capital?
Refer to the table below. If the cost per unit of advertising is constant at $600, what is the level of advertising per week that maximizes the industry joint profit?
Suppose the egg industry is made up of only the three farms above; Happy Chickens, Special Chickens, and Superior Chickens.
A) 4
B) 2
C) 1
D) 3
A consumer can be said to have achieved equilibrium with respect to consumption when:
a. the marginal utility of each product consumed is the same. b. the last dollar spent on each product yields the same marginal utility. c. the total utility of each product consumed is at a maximum. d. the marginal utility of each product consumed is at a maximum.