The marginal product of labor equals the change in ________ from a one-unit increase in the quantity of labor
A) total product
B) average product
C) total cost
D) the slope of the average product curve
E) the wage rate
A
You might also like to view...
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
A relative measure of the importance of trade is
A) the dollar value of trade. B) trade as a percentage of GDP. C) the dollar value of trade adjusted for inflation. D) trade as a percentage of investment. E) None of the above.
The current structure of financial markets can be best understood as the result of attempts by financial market participants to
A) adapt to continually changing government regulations. B) deal with the great number of small firms in the United States. C) reduce transaction costs. D) cartelize the provision of financial services.
The long-run Phillips curve shows an inverse relation between inflation and unemployment
a. true b. false