The marginal product of labor is the change in total product from a one-unit increase in
A) the quantity of labor employed, holding the quantity of other inputs constant.
B) the quantity of capital employed, holding the quantity of labor constant.
C) both the quantity of labor and the quantity of other inputs employed.
D) the wage rate.
A
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Suppose a drought resulted in a major reduction in the California lettuce crop. In the market for lettuce,
A) the demand curve shifted to the right resulting in an increase in the equilibrium price. B) the supply curve shifted to the left resulting in a decrease in the equilibrium price. C) the supply curve shifted to the left resulting in an increase in the equilibrium price. D) the demand curve shifted to the left resulting in a decrease in the equilibrium price.
A secondary effect of installment credit was the
(a) development of a new market in used durables. (b) emergence of a new network of dependable supplies of electric power. (c) surge in prices. (d) increased government intervention in household activity.
One way of organizing two periods of panel data is to have only one record per cross-sectional unit.
Answer the following statement true (T) or false (F)
Which of the following conditions holds in an economically efficient competitive market equilibrium?
A) The deadweight loss is positive but at a minimum. B) Producer and consumer surplus are exactly equal in size. C) There are no positive and no negative external effects from consumption and production. D) The marginal benefit of the last unit produced and consumed is maximized.