Marginal revenue product describes the:
A. Output produced by the last unit of labor employed
B. Revenue received for the last unit of output produced
C. Price a consumer paid for the last unit of output produced
D. Revenue received for the additional output produced by the last unit of labor employed
D. Revenue received for the additional output produced by the last unit of labor employed
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In the long-run, surviving firms in monopolistic competition earn:
a. higher pure economic profits. b. zero pure economic profits. c. below-normal profits. d. substantial economic losses.
The reduction of structural unemployment in the United States' economy may require
a. an increase in the minimum wage. b. a reduction in government spending. c. an decrease in interest rates. d. increased spending on worker retraining.
If the economy in the graph shown is currently at point B, and the government enacts contractionary fiscal policy, in the short run the economy will most likely move to point:
A. A
B. It is likely to be unaffected and stay at point B
C. C
D. D
A currency appreciation should
a. reduce net exports and therefore increase aggregate demand. b. raise net exports and therefore decrease aggregate demand. c. reduce net exports and therefore decrease aggregate demand. d. raise net exports and therefore increase aggregate demand.