Productivity is defined as:
a. output per unit of capital.
b. output per labor hour.
c. output divided by the price level.
d. the percentage change in total annual output.
b. output per labor hour.
Economics
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If the number of firms producing electric cars increases and consumer preference for electric cars increases, the equilibrium quantity of electric cars will definitely increase
Indicate whether the statement is true or false
Economics
With only two goods, if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is
a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.
Economics