Marginal damages are hard to measure because
A. they can be generated from multiple sources.
B. they are hard to graph.
C. they happen over time.
D. no one cares about them.
A. they can be generated from multiple sources.
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If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is
A) 2 chairs. B) 3 chairs. C) 4 chairs. D) 38 chairs.
Which of these describes the real gross domestic product?
a. Gross domestic product from which depreciation costs have been deducted b. Gross domestic product that has been adjusted for changes in the price level c. Gross domestic product from which taxes have been deducted d. Gross domestic product that has been adjusted for changes in exchange rate e. Gross domestic product that has been adjusted for changes in interest rates
To protect economic profits
A) a firm should try to acquire a barrier to entry. B) a firm should limit substitutes. C) a firm should have a patent if possible. D) all of these choices.
Which of the following is not an example of market failure?
a. Lack of competition b. Efficient equilibrium c. Extreme income inequality d. Externalities