The formula for the marginal revenue product of labor (L is for labor, X is the output) is
A. PX/MPL.
B. (MPL)(MRX).
C. MPL + PX.
D. MPL/PX.
Answer: B
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An increase in the price level causes the aggregate supply curve to shift to another supply schedule
a. True b. False Indicate whether the statement is true or false
Which of the following is a case of asymmetric information:
A. Neither you nor the insurance company has perfect information about whether a flood will occur. B. The buyer and seller of a used car don't know how long the car will operate. C. A provider of health insurance does not know whether a specific client is a smoker or not. D. None of the above are examples of asymmetric information.
Suppose that voters in your community pass a one-cent sales tax increase to fund education, knowing full well they will have to forgo other goods they typically consume. This primarily addresses the economic question of:
A) How will each good be produced? B) For whom shall the goods be produced? C) Why will the resources be used to produce goods? D) What goods and services should a society produce?
A share of Ford Motor Company stock is an example of:
A. a financial instrument without risk. B. a non-standardized financial instrument. C. a non-standardized financial instrument since their prices can differ over time. D. a standardized financial instrument.