The marginal product of capital indicates ________. Therefore the MPK curve is also ________
A) the quantity of capital supplied for a given rental price; the equilibrium price of capital
B) the quantity of capital demanded for a given rental price; the demand curve of capital
C) the quantity of capital demanded for a given rental price; the equilibrium price of capital
D) the quantity of capital supplied for a given rental price; the supply curve of capital
E) none of the above
B
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When the price of a hot dog rises 10 percent, your expenditure on hot dogs increases. Hence, it is certain that
A) hot dogs are a normal good for you. B) hot dogs are an inferior good for you. C) your demand for hot dogs is elastic. D) your demand for hot dogs is inelastic.
In economics, what differentiates the short run from the long run?
What will be an ideal response?