A profit-maximizing firm will hire extra units of a resource when
a. marginal resource cost exceeds marginal revenue product
b. marginal resource cost is equal to marginal revenue product
c. marginal resource cost is less than marginal revenue product
d. temporary resource price differentials exceed the marginal resource cost
e. the average resource cost and marginal resource cost curves are equal
C
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Discrimination that occurs when people's preferences cause them to discriminate against a certain group is referred to as:
A) group discrimination. B) special interest group discrimination. C) cultural discrimination. D) taste-based discrimination.
Refer to Figure 24-2. Ceteris paribus, a decrease in the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.