The marginal product of labor can be defined as the change in
a. profit divided by the change in labor.
b. output divided by the change in labor.
c. labor divided by the change in output.
d. labor divided by the change in total cost.
b
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In the United States in 2013, the Bureau of Economic Analysis began counting spending by firms and individuals on developing entertainment products as investment. This change will
A) add to GDP. B) only change GDP if the development occurs within the borders of the United States. C) take away from GDP. D) not change GDP.
Which of the following is an appropriate policy for the Fed to pursue if it wants to increase the money supply?
A) lower taxes B) raise the reserve requirement C) buy U.S. Treasury bills D) raise the discount rate
How did the advent of the modern corporation reduce the likelihood that a firm's goal is to maximize profit? What has replaced this goal?
If an employer could really hire women who were willing and able to do the same work as men for 20 percent less, profit-seeking employers would have
a. a strong incentive to hire more women, which would shrink this differential. b. little incentive to hire women, since hiring men would still be more profitable. c. a strong incentive to hire fewer women, and this would reduce the wage gap between men and women. d. a strong incentive to hire fewer women, which would expand the wage gap between men and women to an even higher level.