Refer to Figure 6.1. Which of the following statements is false?
A) At point E the marginal product of labor is decreasing.
B) At point E the marginal product of labor is negative.
C) At point E the average product of labor is decreasing.
D) At point E the average product of labor is negative.
E) At point E the marginal product of labor is less than the average product of labor.
D
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The menu cost theory states that
A) wages depend on the productivity of workers. B) economic agents quickly learn the likely responses of the Fed to changes in unemployment. C) the economy is characterized by perfect competition. D) prices are not fully flexible because it is costly for firms to change prices every time there is a demand change.
Suppose that you own a toy store and want to buy 100 talking robots. Your supplier will sell you the robots if you also agree to buy 200 dolls. This is an illegal practice called:
A. Monopolistic B. A tying contract C. A cartel D. Discriminatory