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9 Cards in this Set

  • Front
  • Back
If the MPP curve shifts upward because of technological advance then the MC curve shifts
downward
The change in total output associated with one additional unit of input
Marginal physical product (MPP)
For a perfectly competitive firm price equals
marginal revenue
competitive firms produce where price equals
marginal cost
competitive firms earn
positive economic profit
flexible wages and prices allow the economy to _____ according to classical economists
self-adjust
a tax cut can be characterized as
both fiscal and supply-side policy
John Maynard Keynes believed that the private sector of the economy was
unstable
Keynes argued that the level of economic activity if primarily related to
aggregate demand