According to the new growth theory, competition
A) reduces profit.
B) increases profit.
C) has no impact on real profit, only nominal profit.
D) is only theoretical because all firms are growing at some rate.
A
Economics
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Money illusion:
a) is the misconception that prices have changed; it occurs when the Federal Reserve reduces the money supply. b) occurs when output rises. c) occurs only in the long run. d) is the misconception that one is wealthier; it occurs when the money supply grows.
Economics
In any production process the marginal product of labor equals
a. Change in total output divided by change in labor input b. Total output divided by total input c. Total output d. None of the above
Economics