The marginal physical productivity of labor is defined as:
a. a firm's total output divided by total labor input.
b. the extra output produced by employing one more unit of labor while allowing other inputs to vary.
c. the extra output produced by employing one more unit of labor while holding other inputs constant.
d. the extra output produced by employing one more unit of capital while holding labor input constant.
c
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Critics of government frequently assert that special interest groups favor transfer policies rather than economic growth policies.
Answer the following statement true (T) or false (F)
Assume that a profit maximizing monopolist is producing a quantity such that marginal revenue exceeds marginal cost. We can conclude that the
A) firm is maximizing profit. B) firm's output is smaller than the profit maximizing quantity. C) firm's output is larger than the profit maximizing quantity. D) firm's output does not maximize profit, but we cannot conclude whether the output is too large or too small.
Early unions were considered by the courts to be
a. harmless b. legal if they operated within a state's borders c. a criminal conspiracy d. in the public's interest e. illegal only in transportation industries such as railroads
Given percentage change in supply and the price elasticity of supply, explain how percentage change in equilibrium price varies as the price elasticity of demand changes from 0 to infinity.
What will be an ideal response?