Writing total output as Q, change in output as ?Q, total labor employment as L, and change in labor employment as ?L, the marginal product of labor can be written algebraically as
A) ?Q ? L.
B) Q / L.
C) ?L / ?Q.
D) ?Q / ?L.
D
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The deadweight loss incurred when the market in the above figure is a single-price monopoly rather than perfectly competitive is the area
A) cab. B) fcd. C) bed. D) fae.
Which one of these economists studied the relationship between income and food consumption?
a. Schumpeter b. Friedman c. Jevons d. Malthus e. Engel
Financial markets are
A) markets where money is traded between the Fed and economic agents. B) markets where funds accumulated by one group are made available to another group. C) banks interact to lend and borrow reserves. D) the market where capital goods are traded.
We derive the demand curve for X from indifference curves and a budget constraint by changing the
A. consumers? preferences. B. price of X. C. price of Y. D. level of income.