When a firm hires an additional unit of labor, the increase in a firm's total revenues is known as the marginal:
a. cost.
b. product.
c. utility product.
d. revenue product.
d
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According to the figure above, which of the following events will increase the quantity demanded of bottled water?
A) a fall in the price of soda B) a rise in the price of a fitness club membership C) an increase in the number of buyers of bottled water D) a fall in the price of bottled water E) a rise in the price of bottled water
What is the historical relationship in the United States between the unemployment rate and recessions?
A) The relationship depends on whether or not the price level is also changing. B) The unemployment rate rises during a recession and turns negative during the subsequent recovery. C) The unemployment rate rises shortly before a recession begins and declines shortly before it ends. D) The unemployment rate rises soon after a recession has begun and starts to decline sometime after the recovery has started. E) There is no regular or systematic link that can be discerned from the data.
A cartel's marginal cost curve is the
a. highest of all the individual firms' marginal cost curves b. lowest of all the individual firms' marginal cost curves c. horizontal sum of all the individual firms' marginal cost curves d. average of all the individual firms' marginal cost curves e. product of all the individual firms' marginal cost curves
When the economy enters a recession, unemployment insurance payments
a. fall, causing incomes and spending to fall more slowly than real GDP b. fall, causing incomes and spending to fall more rapidly than real GDP c. rise, causing incomes and spending to fall more rapidly than real GDP d. rise, causing incomes and spending to fall more slowly than real GDP e. fall, causing incomes and spending to fall at the same rate as real GDP