The marginal product of a variable input is calculated as:
A) the change in total product divided by the change in output.
B) total product divided by the change in the variable input.
C) the change in total product divided by the change in the variable input.
D) total product divided by the total quantity of the variable input.
C
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Even today, individuals distrust the outcome of free markets, as is evidenced by the protests against the construction of Walmarts across the nation
Indicate whether the statement is true or false
Average cost for the firm in Table 8.1
A) cannot be determined from the information given. B) is upward-sloping for all output values shown. C) is constant for all output values shown. D) is downward-sloping for all output values shown. E) is U-shaped.
A person will choose to work another hour if the benefit of another hour of work is:
A. greater than the opportunity cost. B. exactly equal to the opportunity cost. C. less than the opportunity cost. D. exactly equal to the average total cost to the firm.
"The second glass of zinfandel was very good," said Ian McDonald. "May I have another?" Which of the following is true with respect to Ian's comment and his request for another glass?
a. The MU of the second glass is negative. b. The MU of the second glass is less than the MU of the first glass. c. The MU of the third glass is positive. d. The MU of the third glass is negative. e. The MU of the fourth glass is positive.