The stage of production where the total physical product curve begins to decline corresponds to
A) MPP< 0. B) APP < 0. C) Stage 3. D) Both B and C
Answer: C
Economics
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If the price level in the U.S. is 120, the price level in South Africa is 140, and the nominal exchange rate is 7 South African rands per dollar, then the real exchange rate is
A) 6 South African goods per U.S. good. B) 8.4 South African goods per U.S. good. C) 9.8 South African goods per U.S. good. D) 1.4 South African goods per U.S. good.
Economics
Explain why firms in monopolistic competition have excess capacity in the long run
What will be an ideal response?
Economics