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Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
النسخة 13الرقم المعياري الدولي: 978-0538452281Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
النسخة 13الرقم المعياري الدولي: 978-0538452281 تمرين 5
Are the following statements both correct? Are they inconsistent with each other? Explain.
a. "Firms will hire a resource only if they can make money by doing so."
b. "In a market economy, each resource will tend to be paid according to its marginal product. Highly productive resources will command high prices, whereas less productive resources will command lower prices."
a. "Firms will hire a resource only if they can make money by doing so."
b. "In a market economy, each resource will tend to be paid according to its marginal product. Highly productive resources will command high prices, whereas less productive resources will command lower prices."
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Both the statements are true and are con...
Microeconomics 13th Edition by Russell Sobel, David Macpherson, Richard Stroup, James Gwartney
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