The change in total output that results from one additional unit of input is the:
a) Marginal physical product.
b) Input price.
c) Average product of the input.
d) Unit cost of the input.
Answer: a) Marginal physical product.
Economics
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A decrease in the availability of lower-cost drugs will tend to shift the ________ curve for medical services to the ________
A) supply; left B) demand; right C) demand; left D) supply; right
Economics
Public choice theory indicates that tariffs, quotas, and other trade restrictions are primarily the result of the
a. political clout of foreigners. b. political clout of domestic consumers. c. political power of the special interest groups. d. attractiveness of sound economic policies to elected political officials.
Economics