The change in total product occurring when a variable input is increased and all other inputs are held constant is
A. marginal product.
B. average total cost.
C. average product.
D. marginal cost.
Answer: A
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A successful trademark is one that becomes a generic name for a product, for example, "Kleenex" has become a generic term for tissues
Indicate whether the statement is true or false
The market structure of monopoly exists when
A) there are a small number of interdependent firms that constitute the entire market. B) there is a single producer of a product. C) there are many producers of differentiated products. D) there are many producers of a homogeneous product.
Larissa is a famous attorney with a great reputation in court. She charges her clients $300 for each hour she spends working on their cases. If she earned $450,000 in hourly wages last year, and by raising her rates to $350 per hour her income increased to $490,000 what can we say about the elasticity of demand for Larissa's legal services?
a. It is approximately equal to 2.3. b. It is approximately equal to 1.6. c. It is approximately equal to 1.0. d. It is approximately equal to 0.45. e. It is approximately equal to 0.1.
Which of the following features is common to both perfect competition and monopolistic competition?
A. New firms are free to enter the market in the long run. B. Each firm produces a perfectly homogeneous product. C. An individual firm faces a horizontal demand curve. D. The firms earn positive economic profit in the long run.