An increase in the marginal revenue product schedule for labor
A. means that the marginal physical product of labor rose.
B. means that more labor is demanded by the firm.
C. means that the demand for the final product has fallen.
D. means that labor productivity has risen.
A. means that the marginal physical product of labor rose.
You might also like to view...
Describe the policy of "outright monetary transactions" or 0MT presented by the president of the European Central Bank in 2012
What will be an ideal response?
If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
A. increasing returns to scale. B. decreasing returns to scale. C. constant returns to scale. D. increasing costs per unit of output.
The Celler-Kefauver Act was passed because the Clayton Act had not been effective against mergers
a. True b. False Indicate whether the statement is true or false
P-TV and QRS-TV are trying to decide whether to air a sitcom or a reality show in a given time slot. Viewers like both sitcoms and reality shows, but sitcoms are more expensive to produce than reality shows since real actors need to be hired. QRS-TV makes its decision first, and then P-TV observes that choice before making its decision. Both stations know all of the information in the decision tree below. 
P-TV will air a sitcom:
A. only if QRS-TV is also airing a sitcom. B. no matter what QRS-TV does. C. never. D. only if QRS-TV is airing a reality show.