An input's marginal revenue product is given by
a. the input's marginal expense times marginal revenue.
b. the input's marginal expense times the input's marginal physical productivity.
c. marginal revenue times the number of units employed.
d. the input's marginal physical productivity times marginal revenue of the firm's output.
d
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The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a point that is unattainable?
A) 0 units of good X and 40 units of good Y B) 6 units of good X and 28 units of good Y C) 10 units of good X and 16 units of good Y D) 3 units of good X and 35 units of good Y
The most direct way in which money eliminates the need for a double coincidence of wants is through its use as a medium of exchange
Indicate whether the statement is true or false