Refer to the below graph, where TP = total product and L = labor input. If this graph is for a firm that sells its product in a purely competitive market, then its marginal revenue product of labor (MRP):
A. Is constant at all levels of L
B. Increases at an increasing rate as L increases
C. Decreases as the labor input L increases
D. Increases at a decreasing rate as L increases
C. Decreases as the labor input L increases
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The dates of the "official" peaks and troughs of business cycles in the United States are determined by the:
A. Congressional Budget Office. B. Federal Reserve Board. C. Council of Economic Advisers. D. National Bureau of Economic Research
The Bay Area subway system, BART, offers senior citizens discounted fares for BART rides. This suggests that BART authorities believe that senior citizens have a ________ demand for subway rides
A) less price elastic B) more income elastic C) more price elastic D) less income elastic
If the short run elasticity of demand for bus service is 1.01, we would expect the long run elasticity of demand to be: a. relatively inelastic. b. greater than 1.01
c. equal to 1.01. d. less than 1.01.
Increases in longevity may contribute to the greater productivity of older creative individuals by allowing them more: