XYZ Corporation operates in perfectly competitive input markets and employs labor, capital,land in its production process. What three conditions must be met for the firm to be maximizing profit?
What will be an ideal response?
(1.) The marginal revenue product of labor must equal the price of labor.
(2.) The marginal revenue product of capital must equal the price of capital.
(3.) The marginal revenue product of land must equal the price of land.
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Describe the trends in U.S. manufacturing employment and U.S. manufacturing output over the last 40 years. What factors have contributed to these?
What will be an ideal response?
Over the past five decades, the U.S. civilian unemployment rate has varied between, roughly, ________
A) 3% and 11% B) 55% and 60% C) 6% and 8% D) 0.2% to 0.4%
Truck drivers usually earn more than secretaries because
a. drivers require more education and training b. truck drivers have more flexibility in their daily activities c. truckers face greater risks d. secretaries have higher productivity than truckers e. truckers are discriminated against
A manager who tries to enhance worker effort by tying workers' compensation to the profitability of the firm is using:
A. spot checks. B. profit sharing. C. piece rates. D. revenue sharing.