When the marginal revenue product of an input is less than its price, the
a. producer should expand the use of that input.
b. price of the input will automatically rise in a free market.
c. producer should reduce the use of that input.
d. marginal physical product of that input must be below its average physical product.
C
Economics
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The table above gives the demand schedule for peas. Between point C and point D, the price elasticity of demand is
A) elastic. B) unit elastic. C) 0.75. D) 3.00.
Economics
Starting from long-run equilibrium, use the basic aggregate demand and aggregate supply diagram to show what happens in both the long run and the short run when there is an increase in wealth
What will be an ideal response?
Economics