The additional production resulting from hiring one more worker is
A. marginal production.
B. marginal opportunity cost.
C. marginal cost.
D. marginal physical product.
Answer: D
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Which of the following people came close to abolishing scarcity in their regions some years ago?
A) Major Kwame Kilpatrick in Detroit B) President Bill Clinton in the U.S C) Governor Sarah Palin in Alaska D) All of the above. E) None of the above.
If a monopolist decides to charge a higher price for its product, it will yield:
A) a lower revenue per unit sold but a higher number of units sold. B) a lower revenue per unit sold and a lower number of units sold. C) a higher revenue per unit sold but a lower number of units sold. D) a higher revenue per unit sold and a higher number of units sold.
Refer to Figure 12-10. The total cost at the profit-maximizing output level equals
A) $4,800. B) $3,300. C) $2,500. D) $1,800.
If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good