For a perfectly competitive firm, the value of the marginal product is
A) the same thing as marginal factor cost.
B) the same thing as marginal physical product.
C) marginal physical product times the product price.
D) marginal physical product times the wage rate.
C
Economics
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A downward shift in the consumption function can be caused by:
a. expectations of higher inflation. b. an increase in wealth. c. a lower price level. d. none of these.
Economics
Using Figure 1 below, if the aggregate demand curve shifts from AD2 to AD3 the result in the long run would be:
A. P1 and Y2.
B. P2 and Y2.
C. P1 and Y1.
D. P4 and Y2.
Economics