The marginal revenue product is:
a. the value of all the final goods and services produced by a firm
b. the value that an worker contributes to a firm.
c. an increase in the profit of a firm with an increase in the output by one unit.
d. the output per unit of worker employed by a firm.
e. the value that all the unskilled workers contribute to a firm.
b
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Ignoring any supply-side effects, when taxes are hiked, real GDP ________ and the price level ________
A) increases; rises B) decreases; rises C) increases; falls D) decreases; does not change E) decreases; falls
What factors explain why high-skilled workers are paid more than low-skilled workers?
What will be an ideal response?
The IS curve plots for each level of income the ________ that causes income to equal ________
A) interest rate, planned expenditures B) interest rate, planned autonomous spending C) planned autonomous spending, planned expenditures D) planned autonomous spending, planned autonomous spending