The marginal revenue product of a resource is equal to the value of marginal product when the product produced by the resource is sold in
a. a competitive price-taker market.
b. a competitive price-searcher market.
c. an oligopolistic market.
d. a monopolistic industry.
A
Economics
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Which of the following is NOT true of the interest rate channel?
A) Bank loans play no special role. B) The Fed changes the real interest rate which affects the components of aggregate expenditures. C) Borrowers are indifferent as to how and from whom they raise funds. D) Alternative sources of funds are not substitutes for each other.
Economics
If the price of gasoline rises by 20 percent and consumption of gasoline falls 5 percent,
a. demand is elastic. b. demand is unit-elastic. c. demand is inelastic. d. elasticity of demand cannot be calculated.
Economics