Money supply is to income as
a. real is to ideal.
b. stock is to flow.
c. real is to nominal.
d. flow is to stock.
b
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A firm will purchase additional units of a resource as long as each unit's
a. marginal revenue product is greater than zero b. marginal revenue product equals the product price c. marginal revenue product is greater than or equal to its marginal resource cost d. marginal revenue product is less than its marginal resource cost e. total revenue product is greater than its marginal resource cost
If the demand for cigarettes is highly inelastic, this indicates that:
a. higher cigarette prices will increase the demand for cigarettes. b. the price elasticity coefficient of cigarettes exceeds 1. c. the price elasticity coefficient of cigarettes equals 1. d. the quantity of cigarettes purchased by consumers is not very responsive to a change in the price of cigarettes.