The MRP of capital is measured by the change in
a. total output/change in loanable funds
b. marginal physical product/change in loanable funds
c. total revenue/change in loanable funds
d. loanable funds/change in total revenue
e. total output/change in total capital
C
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At a product's equilibrium price
A) anyone who needs the product will be able to buy the product, regardless of ability to pay. B) not all sellers who are willing to accept the price will find buyers for their products. C) the federal government will provide the product to anyone who cannot afford it. D) any buyer who is willing and able to pay the price will find a seller for the product.
When new technology eliminates existing jobs but simultaneously creates jobs making new and better products elsewhere in the economy, economists refer to this situation as
A) the classical dichotomy. B) technological balance. C) creative destruction. D) sectoral shifts.