For a perfectly competitive firm, the value of the marginal product of labor falls as more workers are hired because of the diminishing
A. marginal cost of production.
B. output price.
C. marginal physical product of labor.
D. price of labor.
Answer: C
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To have a rising standard of living, a nation's stock of capital must
a. equal the amount of consumption in the country b. grow faster than the population c. be associated with a low rate of investment and high rate of consumption d. grow slower than the population e. decline to enable the production of essential consumption goods
When government outlays exceed tax revenues, the situation is called a budget
A) surplus. B) deficit. C) with a negative balance. D) with no balance. E) debt.
The burden of a tax on a consumer good with very inelastic demand is usually
a. shifted to the producer. b. shared equally by the producer. c. zero since consumers do not decrease their purchases of the good. d. shifted to the final consumer.
The use of government taxes and spending to alter macroeconomic outcomes is known as
A. Income policy. B. Fiscal policy. C. Monetary policy. D. Foreign trade policy.