The substitution effect can be measured holding ________ constant
A) income
B) utility
C) the price of one good
D) the price of all goods
B
Economics
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An economy's ________ will fall if its real interest rate rises
A) labor supply B) real wage rate C) supply of credit D) real output
Economics
Refer to the table below. With diminishing marginal returns, if the firm hires seven units of labor, which of the following numbers would most probably be the total product?
Assume that the only variable resource used to produce output is labor.
A. 40
B. 39
C. 38
D. 37
Economics