Monopolistically competitive firms fail to fully realize their economies of scale.
Answer the following statement true (T) or false (F)
True
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What happens to the marginal product (MP) of labor when the market price of the good produced increases?
a. Increases proportional to price. b. Decreases proportional to price. c. Stays the same. d. Falls because quantity demanded falls. e. Rises because quantity demanded falls.
A competitive producer supplies an additional unit of a good as long as the price is greater than the average per unit cost.
Answer the following statement true (T) or false (F)
The minimum wage makes it possible for more low-skilled workers to find jobs.
Answer the following statement true (T) or false (F)
The United States dollar has NOT been officially convertible to gold by international traders since
A) 1930. B) 1944. C) 1971. D) 1995.