For a perfectly competitive firm, the value of the marginal product of labor falls as more workers are hired because of the diminishing
A) output price.
B) marginal physical product of labor.
C) price of labor.
D) marginal cost of production.
Answer: B
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The demand curve depicts quantities demanded that have been gathered as prices have changed over time.
Answer the following statement true (T) or false (F)
Refer to Figure 15-17. The faculty member who designed the course argues: "I think the course should be priced so that the maximum number of students enroll." Which price should this faculty member favor?
A) $0 B) $40 C) $88 D) $150
The Bureau of Economic Analysis refers to the difference between the values for GDP and GDI as
A) gross national product. B) net factor payments. C) transfer payments. D) the statistical discrepancy.
If successive units of a good are consumed, the marginal utility gained typically:
A. decreases at the same rate for all people. B. increases at the same rate for all people. C. decreases at different rates for different people. D. increases at different rates for different people.