The marginal revenue product is
A) the change in total output resulting from a one-unit change in variable output.
B) the change in marginal output resulting from a one-unit change in variable input.
C) the change in total revenue resulting from a one-unit change in variable input.
D) the change in marginal revenue resulting from a one-unit change in variable input.
C
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Wage differences can be explained by all of the following except
A) economic discrimination. B) differences in marginal revenue products. C) compensating differentials. D) comparable worth.
Which of the following is not included in national income?
a. Corporate profits b. Interest earnings c. Capital consumption allowance d. Rental income e. Stockbroker commissions
According to the neoclassical theory of distribution, the wages paid to workers depend on the
a. supply of labor. b. demand for labor. c. marginal productivity of labor. d. All of the above are correct.
If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is:
A. negative. B. inelastic. C. unit elastic. D. elastic.