Marginal product of labor refers to the:
A. Last unit of output produced by labor at the end of each period
B. Increase in output resulting from employing one more unit of labor
C. Total output divided by the number of labor employed
D. Smallest unit of the output produced by labor
B. Increase in output resulting from employing one more unit of labor
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When Homer has 5 doughnuts, his marginal value is 15¢ per doughnut. We can conclude that Homer
a. places a value of 3¢ on each doughnut he owns. b. needs to purchase more than 5 doughnuts to reach his optimum. c. receives 75¢ worth of total satisfaction from his 5 doughnuts. d. would refuse to pay more than 15¢ for a sixth doughnut.
What part of federal government spending has grown the most slowly in recent decades?
a. national defense b. welfare c. interest on the national debt d. social security and medicare e. all other forms of federal government spending
If demand is price elastic, total revenue is
a. directly related to quantity demanded b. inversely related to quantity demanded c. directly related to price d. directly related to price and inversely related to quantity demanded e. not related to either price or to quantity demanded
If a monopolist draws a set of cost and revenue curves to represent the firm, he would show that
a. price intersects average total cost at the average total cost curve's minimum b. price lies above the marginal revenue curve c. marginal revenue at every output level equals zero d. marginal cost at every output level equals zero e. average total cost equals marginal cost