The relationship between the quantity of inputs and the quantity of output is called the:
A. law of diminishing returns.
B. average product.
C. marginal product.
D. production function.
Answer: D
Economics
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What is measured on the horizontal axis when we draw a graph of the long-run aggregate supply curve?
A) production of consumer goods B) real GDP C) production of capital goods D) the price level
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If firms and workers have adaptive expectations, what impact will expansionary monetary policy have on inflation, unemployment, and the Phillips curve?
What will be an ideal response?
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