The marginal product of any input into the production process is the:
A. increase in output that is generated by an additional unit of input.
B. decrease in input that is generated by an additional unit of output.
C. constant ratio of inputs to outputs.
D. ratio total output divided by total quantity.
A. increase in output that is generated by an additional unit of input.
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Milton Friedman and Edmund Phelps questioned
A) the use of expectations in the Phillips curve. B) the stability of the relationship between inflation and unemployment. C) the existence of a natural rate of unemployment. D) the existence of a full-employment level of output.
The market demand curve in a perfectly competitive industry is horizontal, while the demand curve faced by an individual perfectly competitive firm is downward sloping
a. True b. False Indicate whether the statement is true or false
Labor-saving technological advances decrease the marginal productivity of labor
a. True b. False Indicate whether the statement is true or false
Does an upward-sloping labor-supply curve mean that people respond to a decrease in the wage by enjoying more leisure or less leisure?