If labor is the only variable input, a firm's labor demand curve is the
a. entire marginal revenue product of labor curve
b. downward-sloping portion of its marginal revenue product of labor curve
c. downward-sloping portion of its marginal product of labor curve
d. demand curve for the product produced by labor
e. downward-sloping portion of the firm's marginal revenue curve
B
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In a circular flow diagram,
i. the value of production = income. ii. the value of production = expenditure. iii. expenditure = income. A) i and ii are true statements. B) i and iii are true statements. C) Only iii is a true statement. D) Only i is a true statement. E) i, ii and iii are true statements.
In the economic way of thinking, information is a scarce economic good because
A) people need more information. B) modern-day capitalism turned information into a tradable commodity. C) it is valuable, and there are opportunity costs to get it. D) a political conspiracy limits its production to keep citizens uninformed.