If the marginal productivity of labor is constant for all levels of output, then the average productivity of labor
A) is constant.
B) equals the marginal productivity of labor.
C) Both A and B above.
D) Either A or B above but not both.
C
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In the below graph, unemployment created by the minimum wage is:
A. B - A
B. B - 0
C. B - E
D. 0
Holding other factors constant, a decrease in the tax rate on revenue generated by capital will:
A. decrease investment. B. increase national saving. C. decrease national saving. D. increase investment.
Returns to scale describes the long-run relationship between:
A. the quantity of input and the average variable cost. B. the quantity of output and the average variable cost. C. the quantity of input and the average total cost. D. the quantity of output and average total cost.
Danny Sever owns an avocado grove and sells his avocados to wholesalers. Danny has absolutely no ability to select the price. We know then that he
a. will go out of business because price will end up being lower than his costs b. is a price-maker c. is in a monopolistically competitive industry d. cannot maximize profit e. has a horizontal individual demand curve