The marginal revenue product can be expressed as the
A) additional revenue received from selling one more unit of product.
B) increment to revenue received from one additional unit of input hired.
C) marginal physical product of an input times the average revenue received from the sale of the product.
D) average physical product of the input times the marginal revenue received from the sale of the final product.
B
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American households spend about ____ of the average family budget on services, with the rest spent on goods.
A. one-half B. two-thirds C. one-quarter D. one-tenth
Refer to Figure 4-10. What is the area that represents the producer surplus after the imposition of the ceiling?
A) F B) D + F + G C) A + B + D + F + G D) F + G
In a two-player simultaneous game, if player A has a dominant strategy and player B does not, player B will
A) employ a mixed strategy. B) choose his best strategy assuming that player A plays her dominant strategy. C) not achieve a Nash equilibrium. D) assume that player A does not choose her dominant strategy.
The logical foundation of ________________, which show a connection between prices and quantity wanted, is that people seek utility.
a. demand curves b. budget constraint lines c. labor supply curve d. utility curves