The marginal revenue product of labor is usually downward sloping
Indicate whether the statement is true or false
True . The marginal revenue product equals the marginal product multiplied by the constant price. The marginal product of labor is usually downward sloping due to diminishing marginal returns.
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Which creates a larger deadweight loss, perfect competition or a single-price monopoly?
What will be an ideal response?
In 1963, the tax rate for those individuals earning in the highest income tax bracket was 91 percent
a. True b. False
A firm's marginal revenue is defined as:
a. the ratio of total revenue to total quantity produced. b. the additional output produced by lowering price. c. the additional revenue received due to technical innovation. d. the additional revenue received when selling one more unit of output.
If Doug is on budget constraint C in the graph shown, what would cause it to shift to budget constraint B?
This graph shows three different budget constraints: A, B, and C.
A. Doug loses his job.
B. Doug finds soda at a warehouse outlet for a lower price.
C. Doug's grocery store raises the price of milk by 10 percent.
D. Doug’s grocery store has lowered all prices by 33 percent.