Refer to the graph below showing the marginal product (MPL) and the average product of labor (APL). At which quantity of labor employed is total product maximized?
A. A
B. B
C. C
D. D
D. D
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Which of the following is true?
i. In an unregulated market with an external benefit, consumers don't take it into account and consume less than the efficient quantity. ii. Marginal social cost equals marginal private cost minus marginal external cost. iii. An unregulated market produces more than the efficient quantity of a good with an external cost. A) Only i B) Only ii C) Only iii D) i and ii E) i and iii
Standard game theory predicts a solution to the ultimatum game that is rarely observed when people actually play the game
The key reason that behavioral economists believe the predicted and observed outcomes differ is because people account for ________ of the outcome when making decisions. A) loss aversion B) fairness C) efficiency D) utility
Which of the following is generally considered a desirable outcome of government intervention when expanding the economy?
A. A higher price level. B. Higher unemployment rates. C. More jobs. D. Greater deficits.
Okun's Law states that for each percentage point that the unemployment rate is above its natural rate, there is a ________ percent gap between real GDP and potential GDP
A) 4 B) random C) 2 D) 6 E) 8