Which of the following will not cause the marginal revenue product of labor curve for a firm to shift?
A) an increase in the productivity of workers
B) an increase in demand for the product
C) a decrease in the price of the product
D) an increase in the wage rate
D
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If the game in Scenario 13.17 were to be infinitely repeated, waging a price war might be a rational strategy
A) because there would be no short-term losses. B) because the short-term losses might be outweighed by long-term gains from preventing entry. C) if the potential entrant were irrational. D) if the monopolist had excess capacity. E) if there were no sunk costs to the potential entrant.
The problem of scarcity means that people face trade-offs. Which of the following trade-offs are the concern of microeconomics?
A. Trade-offs faced by firms in what goods to produce B. Trade-offs faced by consumers in the purchase of goods C. Trade-offs faced by workers between work and leisure D. all of the above
Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is:
A. an increase in the demand for ketchup. B. a decrease in the supply of ketchup. C. a decrease in the demand for ketchup. D. an increase in the supply of ketchup.
If all the return to a resource is economic rent, we know that
A) the price of the resource is below its opportunity cost. B) the price of the resource equals its opportunity cost. C) the price of the resource is above its opportunity cost. D) the resource has no opportunity cost.