A resource's marginal product is
a. the revenue produced by one additional unit of that resource, other things constant
b. the total output produced by one unit of that resource, other things constant
c. the additional output produced by one additional unit of that resource, other things constant
d. the total output divided by the number of units of that resource employed
e. the total output times the number of units of that resource employed
C
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What are the effects of a tariff on a good on various groups and on the total surplus in the country that imposes the tariff?
What will be an ideal response?
Marginal utility theory concludes that a decrease in the price of a good increases the quantity demanded and
A) increases the demand for substitutes. B) decreases the demand for complements. C) increases the total expenditure on the good. D) increases total utility.
The above figure shows a firm in monopolistic competition. What price will the firm charge?
A) $12 B) $24 C) $36 D) None of the above answers is correct.
The amount the government budget deficit would be if the economy were at full employment is known as the
A) primary deficit. B) full-employment deficit. C) natural deficit. D) current deficit.