A profit-maximizing firm employs resources to the point where:
A. MRC = MP.
B. resource price equals product price.
C. MRP = MRC.
D. MP = product price.
Answer: C
Economics
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Along the upward-sloping segment of the aggregate supply curve,
a. when real GDP increases, the price level rises b. when real GDP increases, the price level does not change c. when real GDP decreases, the price level rises d. when real GDP increases, the price level falls e. no relationship exists between changes in real GDP and changes in the price level
Economics
An optimal allocation of resources is one which is
A. unfair. B. fair. C. efficient. D. inefficient.
Economics