The relationship between the marginal product of labor (MP), the product price (P), and marginal revenue product of labor (MRP) in a perfectly competitive market is
a. MP = P x MRP
b. MP = MRP / P
c. MRP = P + MP
d. MRP = P / MP
e. MP = P + MRP
B
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When price discrimination raises the price paid by some consumers without lowering the price paid by other consumers,
a. profit will fall b. total revenue is constant, but profit will rise c. total revenue will increase d. marginal cost will increase e. the firm is engaged in rent-seeking behavior
Total surplus is represented by the area below the
a. demand curve and above the price. b. price and up to the point of equilibrium. c. demand curve and above the supply curve, up to the equilibrium quantity. d. demand curve and above the horizontal axis, up to the equilibrium quantity.
Suppose the real exchange rate of 115 Japanese yen to the dollar changes to 105 yen to the dollar. In this situation, the dollar has __________, making Japanese goods __________ expensive for Americans
A) appreciated; less B) appreciated; more C) depreciated; less D) depreciated; more
Which of the following would NOT lead to crowding out?
A) Expansionary fiscal policy depreciates the exchange rate. B) Expansionary fiscal policy raises foreign income. C) Expansionary fiscal policy raises the money supply. D) Expansionary fiscal policy increases net exports.