Marginal product refers to ______, and marginal revenue product refers to______.
a. labor; the value of economic and accounting profits
b. a change in output; revenue gained from that change
c. capital; income gained through investments in capital
d. derived demand for labor; an increase in profitability
b. a change in output; revenue gained from that change
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Constant returns to scale means that as all inputs are increased
A) total output remains constant. B) average total cost rises. C) average total cost rises at the same rate as do the inputs. D) total output increases in the same proportion as do the inputs.
The nominal return of money is
A) 0. B) r. C) R. D) i.
Which of the following measures did the Fed take during the uncertain days following the terrorist attacks of September 11, 2001? a. The Fed tightened regulations in the financial markets
b. The Fed increased the discount rate. c. The Fed bought all the government securities up for sale. d. The Fed increased the reserve requirement ratio. e. The Fed demanded interest on the bank reserves held at the Fed.
Noah values his car at $10,000, and Emily values it at $14,000 . If Emily buys it from Noah for $11,000, which of the following is true?
a. Noah gains $1,000 of value, and Emily gains $3,000 of value. b. Noah gains $11,000 of value, and Emily loses $11,000 of value. c. Noah gains $10,000 of value, and Emily loses $14,000 of value. d. Noah and Emily both gain $11,000 of value.