The additional revenue associated with hiring one additional unit of some factor input, such as labor, is called
A) marginal cost.
B) marginal revenue product.
C) marginal factor cost.
D) marginal physical product.
B
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Immigrant entrepreneurs have founded what portion of semiconductor, computer/communication, and software companies in the U.S.?
A. 5% - 10% B. 10% - 20% C. 20% - 25% D. 25% - 35%
How does a monopoly decide the optimal amount of a good that it should produce? How does it set the price for its product?
What will be an ideal response?
A firm sets its output where
A) marginal profit minus marginal cost equals zero (MP - MC = 0). B) marginal revenue minus marginal profit equals zero (MR - MP = 0). C) marginal revenue minus marginal cost equals zero (MR - MC = 0). D) marginal revenue minus marginal cost is greater than zero (MR - MC > 0)
Refer to Scenario 5.1. The probabilities discussed in the information above are
A) objective because they are single numbers rather than ranges. B) objective because they have been explicitly articulated by the individuals involved. C) objective because the event hasn't happened yet. D) subjective because the event hasn't happened yet. E) subjective because they are estimates made by individuals based upon personal judgment or experience.