The physical output that is due to the addition of one more unit of a variable factor of production is
A) average total cost.
B) marginal cost.
C) average product.
D) marginal product.
Answer: D
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Which statement is true regarding a market in equilibrium
a. There is a shortage of the good. b. There is a surplus of the good. c. Neither demanders or suppliers are satisfied. d. Both demanders and suppliers are satisfied.
One drawback of the patent system is that firms must disclose to the public information about the product or process
Indicate whether the statement is true or false
If goods A and B are complements, and if the price of good B rises, how will this affect the market equilibrium for good A?
a. Price and quantity will both fall. b. Price will rise and quantity will fall. c. Price and quantity will both rise. d. Price will fall and quantity will rise.
Business firms supply goods and services to ________ and purchase factors of production in ________.
A. national markets; factor markets B. product markets; factor markets C. factor markets; national markets D. factor markets; product markets