Average product equals the
A) increase in output that results from a one-unit increase in the quantity of labor employed with all other inputs remaining the same.
B) total amount of output produced.
C) total amount of output produced divided by the quantity of labor employed.
D) total amount of output produced divided by price of the output.
C
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A manager may over-research the appropriateness of a decision
a. Because the costs of a false positive are usually larger b. Because the costs of a false negative are usually larger c. Because it is important to be 100% certain before making a decision d. Because managers can face inordinate censure from agreeing to a bad decision
Identify four changes in the economy that would cause the aggregate demand curve to decrease (shift to the left)
The cross elasticity between two goods is 2.5 . These goods are
a. perfect complements b. imperfect complements c. unrelated d. substitutes e. inferior
Demand is based on:
a. desires, regardless of ability to pay. b. needs and wants, and the ability to pay. c. what supplies can provide. d. government calculations.