The downward sloping marginal revenue product of labor is
A) the firm's supply of labor.
B) the firm's short-run demand for labor.
C) the firm's marginal cost of labor.
D) another term for the marginal revenue product of labor.
B
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Producer surplus
A) increases if market price rises and the supply curve does not shift. B) decreases if market price rises and the supply curve does not shift. C) is equal to the maximum price consumers are willing to pay. D) is the same as the marginal cost. E) always must equal consumer surplus.
Refer to Scenario 1-1. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?
A) operating cost B) marginal cost C) explicit cost D) Any of the above terms are correct.
If the equilibrium price of good X is $5 and a price ceiling is imposed at $4, the result will be a(n):
a. accumulation of inventories of unsold gas. b. shortage. c. surplus. d. all of these.
According to Chapter 1 of the Undercover Economist, David Ricardo's analysis of scarcity
A) Applies to land prices and rents in the 1800s but not to other items B) Applies to all agricultural products and prices but not to other items C) Applies to products with physical properties like corn but not to intangible services like health care D) Applies to all kinds of products and services that Ricardo never imagined