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Microeconomics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson
Edition 15ISBN: 978-1285453569Microeconomics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson
Edition 15ISBN: 978-1285453569 Exercise 7
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."
Explanation
Verified
Verified
Both the statements are true and are con...
Microeconomics 15th Edition by James Gwartney,Richard Stroup,Russell Sobel,David Macpherson
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