The marginal revenue product
A) represents the incremental contribution to the firm's total revenues obtained from an increase in a variable input.
B) always increases when there is an increase in a variable input.
C) gives the increase in cost when there is an increase in a variable input.
D) gives the change in total product when an additional unit of a good is hired.
A
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In recent years, almost ________ percent of managers convicted of violating the Sherman Act have gone to prison.
A) 50 B) 100 C) 90 D) 75
Grocery coupons and mail-in rebates are forms of price discrimination
a. True b. False Indicate whether the statement is true or false
In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 500,000 . In 2011 it had a population of 5,100 and real GDP of 520,200 . During 2011 real GDP per person in Bovina grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.
Refer to the diagram. Which of the following is a positive statement?
A. A point inside the production possibilities curve is superior to a point on the curve because
the former requires less work effort.
B. Because any society should stress economic growth as its major goal, point D is superior
to point C.
C. Point B is preferable to point C because the ultimate goal of economic activity is to
maximize consumption.
D. Given its resources and technology, this society is incapable of simultaneously producing 3
units of tractors and 15 units of bread.