A decrease in demand for a product, holding other things constant, will
A) increase the marginal revenue product of labor.
B) decrease the marginal revenue product of labor.
C) not change the marginal revenue product of labor.
D) have an undetermined effect upon the marginal revenue product of labor.
B
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The marginal cost curve crosses
a. only the average variable cost curve at its bottom. b. both the average cost curve and the average variable cost curve at their bottoms. c. only the average cost curve at its bottom. d. the marginal product curve at its maximum.
Which of the following is an example of a physical capital?
A) A factory B) A worker C) A stock D) A bond
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $0.45:
A. the market supply of milk is between 9 and 10 units. B. the market supply of milk is between 4 and 5 units. C. the market supply of milk is between 5 and 6 units. D. the market supply of milk is between 1 and 2 units.
Requiring that all cars meet certain pollution emission standards is an example of
a. the creation of a property right b. taxation to pay for the pollution clean up c. an obligatory control d. nationalization e. federalism