Marginal revenue product for labor for any type of firm is
a. the additional revenue that a firm earns when it employs one more unit of labor.
b. the additional revenue that a firm earns when it produces one more unit of output.
c. the additional cost of employing one more unit of output.
d. the difference between the revenue from employing one more unit of labor and the wage rate.
a. the additional revenue that a firm earns when it employs one more unit of labor.
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Capital is the
A. flow of new equipment that a firm acquires over the course of a year. B. amount of increase in a firm’s equipment over a year. C. amount of money that a firm has on hand at a given time. D. stock of plant, equipment, and other productive resources held by a firm.
If the rate of exchange between the U.S. dollar and the British pound were £1.00 to $2.00, then a U.S. tourist buying a British product costing 600 pounds would need to exchange dollars in the amount of
a. $2,400. b. $600. c. $300. d. $1,200.
A study of the market for optometrists' services in the 1960s showed that
a. all states in the United States prohibited advertising by optometrists. b. almost all professional optometrists opposed legal restrictions on their rights to advertise. c. the average price of eyeglasses would decrease if the legal restrictions on advertising by optometrists were removed. d. advertising on eyeglasses limited competition among optometrists.
If the price of cotton used in making blue jeans increases, which of the following will occur?
A) There will be a movement along an unchanged supply curve for jeans. B) The supply curve for jeans will shift rightward. C) The supply curve for jeans will shift leftward. D) There will be a rightward shift in the supply curve for jeans, followed by a movement along the supply curve.