Marginal revenue product of labor for a competitive seller is
A) equal to the marginal product of labor multiplied by the output price.
B) the marginal revenue of the product multiplied by the output price.
C) the change in total product from hiring one more worker.
D) the output price multiplied by the quantity sold.
A
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When the percentage change in quantity demanded is less than the percentage change in price, the demand for the good is ________
A) inelastic B) unit elastic C) perfectly inelastic D) elastic
Kendrick wants to start a tax preparation company and is going to his bank to borrow $50,000. This is an example of
A) a primary market transaction. B) indirect finance. C) a secondary market transaction. D) direct finance.
Stockholders are residual claimants, meaning that they
A) have the first priority claim on all of a company's assets. B) are liable for all of a company's debts. C) will never share in a company's profits. D) receive the remaining cash flow after all other claims are paid.
The lag between an increase in government spending and the impact of this increased spending on the economy is called the __________ lag
A) effectiveness B) transmission C) legislative D) data