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The marginal approach to profit maximization means that a firm should produce until a. marginal revenue equals zero b. marginal revenue equals marginal costs c. marginal cost becomes negatively sloped d. marginal revenue equals price e. price equals average total cost.
The city of Johnstown decides to build a new stadium to attract a basketball team from the city of Rosendale. One economic advisor suggests that the stadium should be fi
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire
If the marginal disutility of labor increases, the equilibrium real wage increases and the equilibrium quantity of labor goes up. True or false?
As is the case with the supply and demand function for a single business firm determining the equilibrium price and output for its product, the aggregate supply and aggregate deman
explain approaches of national income?
Because the structure of the personal income tax is progressive, a larger share of income is taxed at higher rates as real income increases. Therefore, economic growth automaticall
Marginal propensity to SPEND refers to: a. a nation's additional spending on a good per an additional unit of expenditure. b. a nation's additional consumption based on a unit incr
The employment-population ratio gives the number of people: Select one: a. working. b. working as a percentage of the number of people available to work. c. in the labor force.
What is the size of the labor force if the unemployment rate is 6%, the population is 300 million, and the number unemployed is 6 million
The AS-AD model with inflation When we remove assumption of constant prices to allow varying real wages. Resulting model was known as AS-AD model. Similarly we now remove the a
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