Answer the following questions true (T) or false (F)
1. A profit-maximizing firm will use an input up to the point where the cost of the input equals the marginal revenue received by the firm.
2. Marginal cost is the additional cost created by the next, or marginal unit of the variable input.
3. Net income represents the accountant's version of after-tax profits.
1. FALSE
2. TRUE
3. TRUE
Economics
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An increase in the expected price level lead to
a. higher money wages and lower real wages. b. higher money wages and real wages. c. no change in money wages but lower real wages. d. lower money wages and higher real wages.
Economics
If the U.S. government decides to increase military spending, one opportunity cost will be lower spending on education
a. True b. False Indicate whether the statement is true or false
Economics