Changes in prices of a good causes
a. Movement along the demand curve
b. Movement along the supply curve
c. No effect to either curve
d. Both a and b
d
Economics
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What branch of economics involves the collection and use of data to test economic theories? Why is this task often more difficult in economics than it is in physical sciences?
What will be an ideal response?
Economics
Suppose the current market wage rate (w) is $4. In the short run, a firm's marginal cost at the current output level is $2. What is this firm's marginal product of labor?
A) MPL = 0.5 B) MPL = 1 C) MPL = 2 D) MPL = 8
Economics