The marginal product of labor is the
a. total output produced when one more worker is hired
b. change in average output produced when one more worker is hired
c. total output per worker when one more worker is hired
d. change in total output when one more worker is hired
e. maximum quantity of output when one more worker is hired
D
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
When Peter's Pizza Company produces 50 pizzas, its average total cost is $8 . The marginal cost of the 51st pizza is $7 . If the firm chooses to produce the 51st pizza, what will happen to average total cost? Explain
What will be an ideal response?
How does rapid economic growth at home affect foreign exchange markets?
What will be an ideal response?
Externalities can cause the market mechanism to
a. malfunction. b. improve. c. operate efficiently. d. move up toward the production possibility curve.