The change in total output when one more unit of a resource is employed is called
a. total revenue
b. marginal revenue product
c. marginal physical product
d. quantity supplied
e. wage rate
C
You might also like to view...
Which of the following transactions would be included in the official calculation of GDP?
A) You wash and wax your father's car as a favor to him. B) You illegally download music off the Internet to put on your new iPod. C) You buy a new iPod. D) A student buys a used textbook at the bookstore. E) Firestone sells $2 million worth of tires to General Motors.
An in-kind transfer is a
A. transfer made by people to be kind to others. B. transfer of wealth. C. transfer of goods and services instead of cash. D. system of clearing checks by local banks.
If a pre -merger Herfindahl-Hirschman Index (HHI) is less than ________, the merger is unlikely to be challenged.
A) 10,000 B) 1,500 C) 1,000 D) 2,200
Refer to Scenario 13.16. If Gooi can move first, and Ici threatens to buy yogurt machines, no matter what Gooi does,
A) Gooi will have to buy gelato machines, so Ici will get its highest possible profit. B) Gooi will buy yogurt machines, which it otherwise wouldn't have, in order to retaliate. C) the equilibrium payoff of ($50,$50 ) will be enforced. D) Gooi will not change its behavior, because Ici's threat is not credible. E) Gooi will threaten to buy yogurt machines, no matter what Ici does, to see whether that will get the people at Ici to change their minds.