Which of the following changes is not a shifter of the demand for a particular food product?
A. Changes in price of that product.
B. Changes in consumer income.
C. Changes in relative prices of substitute items.
D. Changes in consumer perceptions of that product.
Ans: A. Changes in price of that product.
Economics
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The additional benefit to a consumer from consuming one more unit of a good or service is the marginal benefit
Indicate whether the statement is true or false
Economics
The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acme's output is $10. For Acme Company, the marginal revenue product of labor is
A) less than $10. B) $10. C) $20. D) less than $200. E) $200
Economics