The marginal product of labor is the increase in the price of labor resulting from a unit rise in the demand for labor
Indicate whether the statement is true or false
false
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When economies of scale are large relative to the quantity demanded in the market, it is called a(n):
a. natural monopoly. b. legal monopoly. c. artificial monopoly. d. inevitable monopoly.
One way to characterize the difference between positive statements and normative statements is as follows:
a. Positive statements tend to reflect optimism about the economy and its future, whereas normative statements tend to reflect pessimism about the economy and its future. b. Positive statements offer descriptions of the way things are, whereas normative statements offer opinions on how things ought to be. c. Positive statements involve advice on policy matters, whereas normative statements are supported by scientific theory and observation. d. Economists outside of government tend to make normative statements, whereas government-employed economists tend to make positive statements.
Which point or output-combination in the above graph could the nation produce only if it experienced inefficiency?
a. Combination F b. Combination E c. Combination C d. Combination G
Which of the following statements is NOT true about marginal utility when total utility is at its maximum point?
A. A rational consumer will not consume additional units beyond this point. B. Marginal utility is decreasing. C. Marginal utility is negative. D. Marginal utility is zero.