If an insurance company hires a resource in a perfectly competitive resource market and it wants to maximize profit, it will hire where marginal revenue product equals
a. the price of the resource, which equals its marginal resource cost
b. the price of the resource, which is greater than its marginal resource cost
c. the price of the resource, which is less than its marginal resource cost
d. marginal product
e. the price of the product
A
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The market demand curve for a particular good
a. will shift to the right if more consumers enter the market b. could shift to the left if more consumers enter the market c. will be upward sloping if the good is an inferior good d. will always shift to the right if consumers' incomes increase e. could shift downward if more consumers enter the market
What is the main cause of shifting the aggregate supply curve?
a. Changes in productivity b. Changes in amount sold c. Changes in amount demanded d. Changes in costs