The marginal physical productivity of labor is:
a. the slope of the total output curve at the relevant point.
b. the negative of the slope of the total output curve at the relevant point.
c. the slope of the line connecting the origin with the relevant point on the total output curve.
d. the negative of the slope of the line connecting the origin with the relevant point on the total output curve.
a
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A government seeking to raise revenue would be most likely to tax a good
a. having a high income elasticity of demand b. with a low cross elasticity of demand c. having a high price elasticity of demand d. with a low income elasticity of demand e. having a low price elasticity of demand
When economies of scale exist,
a. production costs per unit increase as output expands. b. production costs per unit decline as output expands. c. total production costs decrease. d. total production costs increase.
If a price ceiling is set above the equilibrium price,
A. there will be a shortage. B. quantity demanded will equal quantity supplied. C. there will be a surplus. D. demand will be less than supply.
Lionel's Lawn Care is a company that maintains residential yards. Lionel's cost for his standard package of mowing, edging, and trimming is $15, and he charges $25 for this service. For a total price of $40, Lionel will also trim shrubs, a service that
adds an additional $10 to the total cost of the standard package. What is Lionel's marginal cost of adding the shrub-trimming service to the standard package? A) $10 B) $15 C) $25 D) $40