Value added equals the market price of the firm's product minus
A) the price of intermediate goods. B) wages and salaries.
C) the price of all factors of production. D) depreciation on plant and equipment.
A
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The relationship between the AS-AD model and the Phillips curve points out that as aggregate demand increases, the unemployment rate
A) decreases and the price level falls. B) increases and the inflation rate rises. C) increases and the inflation rate falls. D) decreases and the inflation rate does not change, only the price level rises. E) decreases and the inflation rate rises.
The market demand curve for coffee is the same as the
A) marginal social cost curve of coffee. B) marginal social benefit curve of coffee. C) opportunity cost curve of coffee. D) marginal social benefit curve minus the marginal social cost curve of coffee.