The value of the marginal product is the additional output produced by one additional unit of labor.
Answer the following statement true (T) or false (F)
False
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If a firm in a perfectly competitive market faces the cost curves in the graph shown and observes a market price of $10, the firm:
A. can make positive profits by producing more than 43 units.
B. can make positive profits by producing where MC = MR.
C. cannot make positive profits and should shut down in the short run.
D. should continue to operate in the short run, but plan to exit in the long run.
If the government reduced the minimum wage and pursued expansionary monetary policy, then in the long run
a. both the unemployment rate and the inflation rate would be higher. b. both the unemployment rate and the inflation rate would be lower. c. the unemployment rate would be higher and the inflation rate would be lower. d. the unemployment rate would be lower and the inflation rate would be higher.
Which of the following statements describes the difference between real and nominal GDP?
A. Real GDP includes only goods; nominal GDP includes goods and services. B. Real GDP is measured using constant base-year prices; nominal GDP is measured using current prices. C. Real GDP is equal to nominal GDP less the depreciation of the capital stock. D. Real GDP is equal to nominal GDP multiplied by the CPI.
Which of the following statements best describes firms under monopolistic competition?
A. There is little price or quality competition. B. The firms compete, using quality, location, advertising, and price. C. Firms do not compete using advertising. D. There is only one firm so there is no competition.