At any quantity, the marginal factor cost is always
A) parallel to the marginal revenue product.
B) below the labor supply curve.
C) above the labor supply curve.
D) above the labor demand curve.
C
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Economic growth is best measured by increases in
A) per capita real Gross Domestic Product (GDP). B) nominal personal income. C) nominal Gross Domestic Product (GDP). D) per capita nominal Gross Domestic Product (GDP).
Types of money used by colonists included all of the following except:
a. gold and silver coins. b. bills of exchange. c. bills of credit. d. government-issued fiat currency.
Suppose that the percentage change in demand is -20%, the price elasticity of demand is 3, and the price elasticity of supply is 2. What is the percentage change in the equilibrium price?
A. -4% B. 4% C. 100% D. -100%
Production costs are likely to rise after an average-cost pricing policy is mandated because the monopolist will:
A. increase output. B. decrease output. C. engage in new and inventive production methods. D. have no incentive to control costs.