If Q = K1/2L1/2 the MPL is
a. constant
b. increasing
c. diminishing
c
Economics
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The long-run Phillips curve assumes that every unemployed worker who is looking for a job has a constant reservation wage
a. True b. False Indicate whether the statement is true or false
Economics
Resource X is necessary to the production of good Y. If the price of resource X falls, the equilibrium price of Y will ______________ and the equilibrium quantity of Y will
A) rise; rise. B) fall; fall. C) fall; rise. D) rise; fall.
Economics