Refer to Table 17-1. If the output price is $3, what is the marginal revenue product of the fifth unit of labor?
A) $1,050 B) $360 C) $210 D) $150
D
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What is the main difference between the type of money that was used before the invention of the printing press and today?
What will be an ideal response?
If society can produce more of one good but must forgo some of another good to do so, it is definitely achieving
A) both production and allocative efficiency. B) only production efficiency. C) only allocative efficiency. D) neither production nor allocative efficiency. E) None of the above answers is correct because when society must forgo another good to produce more of one good, then society might be production efficient or it might be allocatively efficient.
The table above gives the demand for a monopolist's output. What is the marginal revenue of increasing production from 4 to 5 units?
A) $70 B) $16 C) $14 D) $6
The marginal product of labor is the
A) change in total product produced by hiring an additional unit of labor. B) total revenue divided by units of labor. C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor. D) extra revenue gained by employing one more unit of labor.