Refer to Table 10.1. If the price of output is $10 per unit, the marginal revenue product of the third unit of labor is:
A. $50.
B. $60.
C. $500.
D. $600.
Answer: D
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Total efficiency units of labor in an economy increases if ________
A) the average number of hours worked by each worker decreases B) each worker becomes more productive C) each worker earns a lower wage D) the amount of capital available to each worker diminishes
For a given, permanent reduction in demand for a product: a. the decrease in price will be greater the more elastic is supply
b. the decrease in price will be greater in the long run than in the short run. c. the decrease in price will be greater the more inelastic is supply. d. none of the above
The Monetary Control Act of 1980:
a. None of the answers are correct. b. restricted savings and loan associations to long-term loans. c. created less competition among various financial institutions. d. allowed fewer institutions to offer checking account services.
Which of the following is true regarding the relationship between the elasticity of demand for an individual firm and the elasticity of demand for the market in a Cournot oligopoly with five identical firms?
A. EF = (1/5)EM B. EF = (df(p)/dP) × (5P/Q) C. EF = (df(p)/dP) × (5Q/P) D. EM = 5EF