If the marginal product of a worker for a calculator manufacturer is 10 calculators, and the price of a calculator is $10, the firm's marginal revenue product is
A. $1.00.
B. $10.00.
C. $100.00.
D. $1,000.00.
Answer: C
You might also like to view...
In the above figure, a price ceiling of $4 would
A) result in a shortage in the long run. B) result in a surplus in the long run. C) have no effect. D) result in a surplus in the short run but have no effect in the long run.
To decide whether or not the slope coefficient is large or small,
A) you should analyze the economic importance of a given increase in X. B) the slope coefficient must be larger than one. C) the slope coefficient must be statistically significant. D) you should change the scale of the X variable if the coefficient appears to be too small.
In the second quarter (3-month period) of 2001, U.S. nominal GDP increased but U.S. real GDP declined. We can conclude that:
a) nominal income declined by more than personal income. b) the price level rose by more than nominal GDP. c) real wages declined by more than real GDP. d) the price level fell by more than real GDP.
Money performs its job as a standard of value very well
A. in the short run. B. in the long run. C. in both the short and long run. D. in neither the short run nor the long run.