The marginal revenue product of labor is equal to
A. The change in total output divided by the change in the quantity of labor.
B. The marginal physical product multiplied by the price.
C. The change in the quantity of labor divided by the change in total revenue.
D. The percentage change in total revenue divided by the percentage change in the quantity of labor.
Answer: B
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All of the following are examples of price discrimination EXCEPT
A) buy-one-get-one-free offers. B) "early bird specials" at a restaurant. C) lower ticket prices for matinee performances. D) "buy now, pay later" payment options.
Price discrimination exists when
A) a firm charges different buyers different prices for its product but the costs are the same. B) each buyer is treated equally. C) sales are made below cost. D) a firm charges each buyer a price of the product in proportion to its costs.
Which of the following statements most likely lies within the realm of microeconomics? a. Unemployment rises during a recession and falls during an expansion
b. A rapid acceleration of the supply of money may create inflation. c. An increase in government spending will increase the aggregate demand for goods and services in the economy. d. An increase in labor costs will increase the additional cost of producing another airplane.
The recent growth records of Japan and Hong Kong during the last fifty years indicate that a nation can grow rapidly without which of the following?
What will be an ideal response?