Marginal product is represented by:
A. the x-axis of the total production curve.
B. total product minus the total cost.
C. the slope of the total production curve.
D. total revenue minus total cost.
C. the slope of the total production curve.
You might also like to view...
Which factor of production earns profit?
A) land B) human capital C) money D) entrepreneurship
What is a GDP deflator? Why do some economists consider the GDP deflator to be a better measure of overall inflation than the Consumer Price Index?
Changes in the price of good A lead to a change in:
A. the quantity demanded of good A. B. demand of good B. C. the quantity demanded of good B. D. demand of good A.
Answer the following statements true (T) or false (F)
1. An example of the special interest effect is a farm program from which a large group receives small benefits at the expense of a smaller group who individually suffer large losses. 2. The Freedom to Farm Act of 1996 aimed to eliminate agricultural price supports and acreage allotments for many crops. 3. The movement to eliminate agricultural subsidies in the U.S. and make farmers rely more on market forces, starting with the Farm Act of 1996, continues to this day. 4. The Food, Conservation, and Energy Act of 2008 provides farm subsidies in the form of direct payments, countercyclical payments and marketing loans to farmers.