Marginal product measures the change in:
a. total cost brought about by changing production by one unit.
b. product price brought about by changing production by one unit.
c. a firm's revenue brought about by changing production by one unit.
d. the firm's output brought about by employing one additional unit of input.
e. the firm's profit brought about by employing one more input.
d
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The exchange rate for the Mexican peso changes from $1 = 5 pesos to $1 = 6 pesos. This change will lead to ________.
A. Mexican goods becoming more expensive for Americans B. U.S. goods becoming less expensive for Mexicans C. an increase in Mexican imports from the U.S D. a decrease in U.S. exports to Mexico
Enacting a law controlling rents near a major university will increase the affordable housing for college students.
Answer the following statement true (T) or false (F)
Sue consumes apples and bananas. Suppose Sue's income doubles and the prices of apples and bananas do not change. Sue's budget line will
A) shift leftward and its slope will not change. B) remain unchanged. C) shift rightward and its slope will not change. D) shift rightward and become steeper.
What is the value of marginal product of labor?
What will be an ideal response?