The marginal product of labor is defined as the increase in output attributable to the last worker hired divided by the total number of workers employed
Indicate whether the statement is true or false
FALSE
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The value of marginal product of the tenth worker hired by a firm is $50. What is the maximum wage that should be paid to the worker?
A) $5 B) $500 C) $50 D) $0.20
A technological advance that increases the productivity of teachers can be expected to have what effects on the equilibrium labor market for teachers?
a. Wages will fall, and quantity of labor will rise. b. Wages will rise, and quantity of labor will rise. c. Wages will rise, and quantity of labor will fall. d. Wages will fall, and quantity of labor will fall.
The Fed's margin requirements control
A. the federal funds rate. B. the amount of reserves banks must keep in cash or in their accounts with the Federal Reserve. C. the interest rate banks are allowed to pay on demand deposit accounts. D. how much money people can borrow when they buy stock.
To graph a relationship involving more than two variables, we use which assumption?
A) linear assumption B) positive relationship assumption C) marginal analysis D) ceteris paribus E) trend assumption