The marginal product of labor is the
a. additional output produced when one more worker is hired
b. amount of output associated with labor inputs
c. maximum amount of output produced by a given set of inputs
d. maximum profit "produced" by selling a firm's output
e. additional cost associated with an additional unit of labor
A
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A firm is defined in Economics as
a. a corporation that creates demand for the goods it produces. b. an entity that produces and sells goods that individuals demand. c. an individual or group of individuals providing public services at no charge. d. any group of individuals seeking to increase their income.
Which figure above shows the effect of a technological advance in the production of pizza?
A) Figure A B) Figure B C) Figure C D) Figure D E) Both Figure A and Figure D
"An increase in the real interest rate increases the quantity of investment." Is the previous statement correct or incorrect?
What will be an ideal response?
The objective of the household is to
a. maximize household wealth b. own as much land as possible c. save as much money as possible d. acquire as many goods as possible e. maximize utility