Marginal revenue product is the extra revenue the firm receives by hiring one additional unit of input
a. True
b. False
Indicate whether the statement is true or false
True
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The above table shows the short-run total product schedule for the campus book store. What is the marginal product (MP) of going from 5 to 6 employees at the book store?
A) 83 books sold B) 13.83 books sold C) 10 books sold D) between 11 and 14 books sold
A country that experiences a large deficit in the merchandise trade account should always aim at eliminating this trade deficit by adopting strict foreign trade policies
a. True b. False Indicate whether the statement is true or false
To be binding, a price ceiling must be set above the equilibrium price
a. True b. False Indicate whether the statement is true or false
____is the total output produced by a firm.
Fill in the blank(s) with the appropriate word(s).