According to the principle of marginal productivity, if
a. the product price is less than MRP, the firm is using too little of the input.
b. the price of an input rises, the quantity demanded of the input will increase.
c. MRP is greater than product price, the firm should reduce the use of the input.
d. price of the input equals MRP, the firm is maximizing profit.
d
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If real GDP per capita in the United States is $8,000 in 2016, and if real GDP per capita is $12,000 in 2026, what is the total percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33% B) 5% C) 33% D) 50%
Which of the following must occur as a result of ceilings on apartment rents that are set below market clearing rental rates?
A) Property owners respond to the ceilings by increasing maintenance and repairs. B) Property owners respond to the ceilings by constructing new apartment buildings. C) There is a decrease in the quantity of apartments that prospective tenants wish to rent. D) There is a decrease in the quantity of apartments that property owners offer for rent.
If income were distributed solely according to marginal productivity,
a. every family would be above the poverty level b. it would be distributed evenly c. it would be distributed normally d. workers in capital-intensive industries would earn less than workers in labor-intensive industries e. some individuals would not receive any income
Which of the following is not an in-kind subsidy?
a. SNAP (food stamps). b. Low-cost rental housing. c. Medicare. d. Medicaid. e. Unemployment compensation.