A firm that operates in Stage III of the short-run production function
A) has too much fixed capacity relative to its variable inputs.
B) has too little fixed capacity relative to its variable inputs.
C) has greatly overestimated the demand for its output.
D) should try to increase the amount of variable input used.
B
Economics
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Dollar bills in the modern economy serve as money because
A) they can be redeemed for gold by the Federal Reserve. B) they are backed by the gold stored in Fort Knox. C) they have value as a commodity independent of their use as money. D) people have confidence that others will accept them as money.
Economics
A firm's demand for labor curve is the same as the firm's
A) marginal product curve. B) marginal cost curve. C) marginal revenue curve. D) value of marginal product curve.
Economics