In the above figure, CBL is the cost of breaking the law. If it is illegal to sell, but not illegal to buy, then the price per unit will be

Keynesian theory became important when classical economic theory did not adequately explain:

A. A prolonged period of both inflation and unemployment. B. A prolonged growth recession. C. A depression. D. A prolonged period of inflation. E. Outsourcing.

For a competitive firm experiencing diminishing marginal productivity, the value of the marginal product (i) increases when the price of output decreases. (ii) changes when marginal product changes. (iii) diminishes as the number of workers rises

a. (i) and (ii) b. (i) and (iii) c. (ii) and (iii) d. All of the above are correct.