What is the relationship between the marginal product of labor and the value of the marginal product of labor?
The value of the marginal product of labor (VMPL) is equal to the market price of output (P) multiplied by the marginal product of labor (MPL).
Economics
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In the table above, what is the level of unemployment (in millions of workers) if the minimum wage is set at $8 per hour?
A) 0 B) 1 C) 3 D) 4
Economics
What did China create to allow more international trade?
A) Special economic zones B) Foreign exchange centers C) More open and transparent government meetings D) New educational efforts
Economics
A university should not disband its football team if it has already paid for the stadium
a. True b. False
Economics
If a firm has short-run losses, will it stay open? Under what conditions will a firm close in the short run? Explain
Economics