The marginal product of labor is the
a. cost of one worker
b. average output per worker
c. change in revenue from selling one more unit of output
d. change in revenue from using one more unit of labor
e. change in output from using one more unit of labor
E
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The arrival of Michael Jordan, Larry Bird, and Magic Johnson in the 1980s increased the popularity of pro basketball. This led to
a. an increase in the supply of professional basketball b. an increase in the demand for professional basketball c. a decrease in the supply of professional basketball d. a decrease in the demand for professional basketball e. an increase in both the demand for and the supply of professional basketball
Superhighways, public housing facilities, and defense projects are all ways that the President can:
a. close a recessionary gap b. close an inflationary gap c. combat inflation d. raise unemployment e. reverse the paradox of thrift
A monopolistically competitive firm can raise its price somewhat without fear of great change in unit sales because of
A. Brand loyalty. B. Economies of scale. C. Large market shares of firms in the market. D. Inelastic demand.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.