The firm's demand for labor curve is its
A. average product of labor curve.
B. marginal product of labor curve.
C. average revenue product of labor curve.
D. marginal revenue product of labor curve.
Answer: D
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Which of the following is NOT a reason why people are motivated to hold money?
A) precautionary demand B) liability demand C) asset demand D) transactions demand
To maximize its profit, a perfectly competitive firm produces so that ________ and a single-price monopoly produces so that ________
A) MR = MC; MR > MC B) MR > MC; MR = MC C) MR = MC; MR = MC D) MR > MC; MR > MC E) P = ATC; P = ATC
The above figure shows supply and demand curves for milk. In an effort to help farms, the government passes a law that establishes a $3 per gallon price support, but allows farmers to decide how much milk to produce
The government then provides a deficiency payment to guarantee that the farmers receive $3 per gallon. The required deficiency payment equals A) b + c + f + g + h + i + j. B) b + c + f + g + h + i. C) f + g. D) b + c.
_____ determine the efficient pattern of specialization in production
a. Total costs b. Opportunity costs c. Marginal costs d. Sunk costs