Assume that average product for six workers is fifteen. If the marginal product of the seventh worker is eighteen,
A) marginal product is rising.
B) marginal product is falling.
C) average product is rising.
D) average product is falling.
C
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Suppose that short skirts that were fashionable in the 1990s become unfashionable in the late 2000s. If other factors were held constant, then there would be
A) a rightward movement along the supply curve. B) a rightward shift of the demand curve. C) a leftward shift in the demand curve. D) a leftward movement along the supply curve.
What is the "right" degree of abstraction necessary to analyze an economic problem?
a. simple abstraction of only minor details b. simple abstraction of only irrelevant details c. total abstraction of all variables d. total abstraction of all irrelevant details e. There is no "right" degree of abstraction to analyze an economic problem.