The marginal physical product of labor for the most recent worker hired by a company is 100. If this company were to hire an additional worker we would expect the marginal physical product of labor to
A. be above 100 by a small amount.
B. be below 100.
C. remain at 100.
D. be infinity.
Answer: B
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Demand-pull inflation results from continually increasing the quantity of money, which leads to continually
A) decreasing potential GDP. B) increasing potential GDP. C) increasing aggregate supply. D) decreasing aggregate demand. E) increasing aggregate demand.
A market demand curve measures
A) how much a consumer is willing to pay for an additional unit of the good. B) the marginal social benefit of an additional unit of the good. C) the marginal social cost of an additional unit of the good. D) Both answers A and B are correct.
Explain why an employer in a perfectly competitive market will hire more workers when the marginal revenue product is greater than the wage
What will be an ideal response?
The Business Cycle Dating Committee, a part of the ________, officially decides when a recession begins and ends
A) National Bureau of Economic Research B) federal government C) Bureau of Labor Statistics D) Federal Reserve