The change in output from hiring one additional unit of labor:
a. increasing marginal returns
b. total cost
c. marginal revenue
d. marginal product of labor
e. marginal cost
Answer: d. marginal product of labor
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When a producer has a comparative advantage in producing a good, it means the producer:
A. can produce more of that good than others with the same number of workers. B. has the ability to produce the good at a lower opportunity cost than others. C. has no reason to trade with others. D. is efficient in production.
The 27-member EU negotiates trade agreements as one. The EU and Brazil have negotiated a strategic trade alliance, which is an example of a ________.
A) customs union B) global free trade agreement C) bilateral agreement D) multilateral agreement
Of the following, the most likely example of price discrimination is when:
A. restaurants charge different prices for chicken and beef. B. hotels charge different rates for the same rooms when conventions are held. C. supermarkets charge different prices for oranges and apples. D. a firm sells different shoes for different prices.
Game theory:
A. is the analysis of how people (or firms) behave in strategic situations. B. is best suited for analyzing purely competitive markets. C. reveals that mergers between rival firms are self-defeating. D. reveals that price-fixing among firms reduces profits.