Marginal product is
A) the change in total output from using an additional unit of one variable input, holding other inputs constant.
B) the change in total output from using an additional unit of all variable inputs.
C) the total output divided by the number of units of the variable input.
D) the change in total output divided by the number of units of the variable input, holding constant all other inputs.
Answer: A
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Cyclical unemployment is:
A. long-term and chronic unemployment that exists even when the economy is producing at a normal rate. B. short-term unemployment that is associated with the process of matching workers with jobs. C. the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers. D. the extra unemployment that occurs during periods of recession.
Suppose that market demand for a good is Q = 480 - 2p. The marginal cost is MC = 2Q. Calculate the deadweight loss resulting from a monopoly in this market
What will be an ideal response?
Marginal product is represented by:
A. the x-axis of the total production curve. B. total product minus the total cost. C. the slope of the total production curve. D. total revenue minus total cost.
If businesses forecast significant economic growth in the future, they may: a. decrease their investment spending. b. increase their investment spending
c. decrease their consumption spending. d. increase their consumption spending.