According to classical growth theory, when real GDP per person ________, the population grows
A) is less than the subsistence real income
B) is less than capital per hour of labor
C) is constant
D) exceeds the subsistence real income
E) exceeds capital per hour of labor
D
Economics
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The _____________is the period of production that allows producers to change the amount of labor.
Fill in the blank(s) with the appropriate word(s).
Economics
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. Which of the following statements is TRUE at all levels of production?
A) MC = AVC B) MC = AC C) MC > AFC D) All of the above.
Economics