The value of marginal product of labor
A) is the change in total product that results from selling one more unit of a good.
B) is equal to the price of the good produced multiplied by the marginal product of labor.
C) is equal to marginal revenue multiplied by the quantity.
D) increases as the amount of labor employed increases.
B
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The change in the amount of a good purchased after a shift of the supply curve depends on
A. the size of the shift. B. the slope of the demand curve. C. whether the market is subject to price controls. D. All of these responses are correct.
Why does the industry short-run supply curve slope upward?
What will be an ideal response?
Why do price levels increase when government adopts fiscal or monetary policy to correct the economy when it faces a recession and high unemployment?
Whenever a cartel in a duopoly breaks down, a. both firms obtain higher profits
b. total output in the market will rise. c. price in the market will rise. d. the socially optimal output will be produced.