The marginal revenue product of labor is
a. how much labor can be purchased with the revenue from the sale of one more unit of the good
b. how much the marginal revenue changes when you add more labor
c. the same as the marginal revenue product of capital when the markets for labor and capital are in equilibrium
d. determined by the wage rate
e. the contribution to total revenue made by the marginal laborer
E
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The above table shows Priscilla's marginal utility from the two goods she consumes, pizza and Pepsi. The price of a slice of pizza is $2 and of a can of Pepsi is $1. Suppose Priscilla has $6 to spend
Which combination of pizza and Pepsi will maximize Priscilla's utility? A) 3 slices of pizza B) 2 slices of pizza and 2 cans of Pepsi C) 3 cans of Pepsi and 1 slice of pizza D) 1 slice of pizza and 3 cans of Pepsi
The use of common property resources:
A. reduces positive externalities in many cases. B. reduces negative externalities in many cases. C. leads to positive externalities in many cases. D. leads to negative externalities in many cases.
For a monopolistic competitive firm, which of the following is TRUE in the long run?
A) ATC is minimized. B) Economic profit is zero. C) P = MC. D) all of the above