Who conducted the study in the 1940s that surveyed entrepreneurs to determine whether they used marginal analysis in choosing their production levels?
a. Milton Friedman
b. Fritz Machlup
c. Michael Kalecki
d. Richard Lester
e. William Baumol
D
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New growth theory claims that economic growth occurs because firms reap profits from research and add to the stock of capital
Indicate whether the statement is true or false
Which of the following statements is false?
A) A straight line has a slope of zero. B) A curved line has slope values that change at every point. C) A direct relationship has a positive slope value. D) An inverse relationship has a negative slope value.
Suppose a monopsonist currently employs 100 workers at a wage of $400 per week. If the firm wants to expand employment to 110 workers, and the 110th worker will only work for $450 per week, what is the approximate marginal factor cost of the 110th worker?
a. $450 per week. b. $5,500 per week. c. $950 per week. d. $9,500 per week. e. $49,500 per week.
The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve
a. True b. False Indicate whether the statement is true or false