Explain the difference between total product, marginal product and average product
Please provide the best answer for the statement.
Total product is the total product, or total output, of a particular good produced. Marginal product is the change in total product resulting from each additional input of labor. Average product is the total product divided by the total number of workers. It is also called labor productivity.
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Amber Crombie is a stay-at-home mom while her husband Fitch works two jobs. What can we clearly conclude?
A) Amber Crombie is unemployed. B) Fitch is employed. C) Amber Crombie is exploited. D) Fitch is exploited. E) All of the above are true.
The short-run equilibrium in the aggregate demand–aggregate supply model occurs at the point of intersection of the: a. short-run aggregate supply curve and the aggregate demand curve. b. long-run aggregate supply curve and the aggregate demand curve. c. marginal social cost curve and the aggregate demand curve
d. investment spending curve and the consumption curve.
As a result of contractionary monetary policy, the open-economy outcome, compared to the closed-economy outcome, features a ___________ fall in Real GDP and a ____________ fall in the price level
A) larger; larger B) larger; smaller C) smaller; larger D) smaller; smaller
The costs associated with recalculating prices and printing new price lists when there is inflation are known as:
A. shoe leather costs. B. menu costs. C. chain-index costs. D. diminishing costs.