The marginal product of labor is calculated using the formula
A) L/Q.
B) ?L/?Q.
C) ?Q/?L.
D) Q/L.
Answer: C
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Based on the above figure, for which of the following amounts of output at Ike's Ice Cream Kitchen does the average product of labor exceed the marginal product of labor?
A) at 10 gallons B) at 40 gallons C) at 70 gallons D) all of the above
Which of the following statements accurately characterizes pre-1820 wages?
a. Skilled workers in England received higher wages than U.S. skilled workers. b. The wage premiums paid to skilled workers in the U.S. were typically greater than those paid in England. c. Early immigration of primarily skilled workers tended to reduce the wages of skilled labor in the U.S. d. The pull on unskilled labor to enter agricultural pursuits led to lower wages for unskilled workers in the manufacturing sector.
At its present rate of output, 200 units, a perfectly competitive firm has variable costs of $10,000 and marginal cost of $50, and accepts the market price of $40 per unit. To improve its profit/loss situation, this firm should
a. increase output b. reduce output but not to zero c. maintain the present rate of output d. shut down e. raise the price
At full employment, actual ________ equals ________
A) real GDP; potential GDP B) real GDP; nominal GDP C) unemployment; zero D) potential GDP; nominal GDP E) nominal GDP; potential GDP