The marginal revenue product of a resource is:
a. the marginal product of the resource multiplied by the price of the product it helps to produce.
b. the price of the product times the price of the resource.
c. larger when the product price is smaller.
d. larger when the marginal product is smaller.
a
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Assortative mating means that
A) poor women and rich men tend to marry. B) rich women and rich men tend to marry. C) rich women and poor men tend to marry. D) there are limited incentives to marry anyone.
Which of the following statements is true about price ceilings?
A. Price ceilings cause goods to be rationed. B. Price ceilings cause goods to be rationed by some other means than legally determined market prices. C. Ration coupons are the only way to ration goods when price ceilings are in place. D. All of the other statements are correct.