Assume that labor is the only variable input and that the payment made to labor is denoted as W. The marginal product of labor can be stated as
A. TC/W.
B. W/MC.
C. (W) × (MC).
D. MC/W.
Answer: B
You might also like to view...
The table above shows the revenue figures for the top four firms along with a total for the remaining firms in the fast-food industry. What is the four-firm concentration ratio for the industry?
A) 200 B) 20 percent C) 25 percent D) 80 percent E) 100 percent
Refer to Figure 11-13. The lines shown in the diagram are isocost lines. If the price of labor is $50 per unit, then along the isocost AF, the total cost
A) is $500. B) is $750. C) is $1,250. D) cannot be determined without the price of capital.
If a firm takes the wage as given, then the supply curve of labor to that firm is
A) horizontal. B) vertical. C) upward sloping. D) downward sloping.
The Fed can force the banking system to decrease the money supply by tightening monetary policy, but it cannot force the banking system to increase the money supply by loosening monetary policy
a. True b. False Indicate whether the statement is true or false