The marginal product of an input in the production process is the increase in
a. total revenue obtained from an additional unit of that input.
b. profit obtained from an additional unit of that input.
c. total revenue obtained from an additional unit of that input.
d. quantity of output obtained from an additional unit of that input.
d
You might also like to view...
If there are 1000 different sellers of a particular good, and they are all charging exactly the same price, that the sellers are probably
A) colluding. B) making a profit. C) oligopolists. D) price takers. E) securing government assistance.
Consider a perfectly competitive market, with no externalities. A binding price ceiling is imposed. The decrease in market quantity relative to the perfect competition outcome is bigger when:
A. Supply is elastic B. Supply is inelastic C. Demand is elastic D. Demand is inelastic E. Need more information.
Suppose Indiana produces only steel and corn, with fixed amounts of land, labor, and capital resources. Which scenario best sets the stage for economic growth?
A) The unemployment rate in Indiana rises from 5% to 6%. B) The Midwest has a devastating drought. C) The percentage of Indiana residents with a college degree rises from 25% to 30%. D) The United States imports more and more low-cost steel from Asian countries.
Before the financial crisis of 2008:
A. the 2.5 percent inflation target was seen as a precise target. B. the 2.5 percent inflation target was seen as an upper bound. C. inflation was not seen as a target. D. the 2.5 percent inflation target was seen as a lower bound.