The marginal product of labor (MPL) is given by the ________
A) labor share of income + average output per unit of labor
B) labor share of income - average output per unit of labor
C) labor share of income ÷ average output per unit of labor
D) labor share of income × average output per unit of labor
E) none of the above
D
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The idea behind a flat tax is to _____
a. cut taxes on high-income taxpayers b. to raise taxes on high-income taxpayers c. increase progressivity d. minimize the excess burden of the income tax
The imposition of a minimum wage in the unskilled labor market creates labor surplus or unemployment
a. True b. False Indicate whether the statement is true or false
If firms are producing efficiently, but consumers can reallocate goods amongst themselves,
A) the equilibrium is not efficient. B) the equilibrium is efficient. C) the consumers are behaving irrationally. D) the firms are too greedy.
Which of the following is true in a regulatory environment?
A. The number of consumers is large, and their individual payoffs from successful lobbying are also large. B. The demand for regulation is perfectly inelastic. C. The supply of regulation is usually tied to another industry's success. D. The number of consumers is large, and their individual payoffs from successful lobbying are small.