Each additional unit of output produced by a unit of labor is valued at the price of the firm's output
a. always.
b. when the firm is selling in a competitive market.
c. when the firm has monopoly power in the market for its output.
d. when the firm has monopsony power in the market for labor.
b. when the firm is selling in a competitive market.
Economics
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Proponents of monetary policy based on fixed rules base their position on the assumption of a vertical aggregate supply curve.
a. true b. false
Economics
The ability of natural environments to absorb wastes
a. is called the sponge function. b. is abused by excessive pollution. c. imposes negative externalities on wildlife. d. is replenished by flow pollutants. e. All of the above.
Economics