In a perfectly competitive labor market, the least-cost combination rule for resource use
A) requires that resources be used in combinations such that marginal products are equal.
B) requires that the marginal physical product per dollar spent for each resource is equalized.
C) assures the firm an economic profit.
D) assures the firm a normal profit.
B
Economics
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Indicate whether the statement is true or false
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According to supply-side fiscal policy, reducing tax rates on wages and profits will:
a. create demand-pull inflation. b. lower the price level but may trigger a recession. c. reduce both unemployment and inflation. d. result in stagflation.
Economics