The profit-maximizing quantity of labor equates the marginal product of labor with
A) total factor productivity.
B) the marginal product of capital.
C) the real wage.
D) the average product of labor.
C
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Which of the following is NOT an economic good?
A) a haircut B) broccoli C) garbage D) a textbook
Frictional unemployment refers to:
a. people who are out of work and have no job skills. b. short periods of unemployment needed to match jobs and job seekers. c. people who spend relatively long periods out of work. d. unemployment related to the ups and downs of the business cycle.
The example of an inflationary gap in 2006-2007 suggested that the economy adjusts
a. rapidly to inflationary gaps by lowering prices. b. rapidly to inflationary gaps by raising prices. c. slowly to inflationary gaps by lowering prices. d. slowly to inflationary gaps by increasing inflation.
Weber and Fechner found
A. that the minimally perceptible difference is roughly proportional to the original intensity of the stimulus. B. that it is easier to tell the difference between a 25 and a 50-watt light bulb than it is to tell the difference between a 100-watt bulb and a 300-watt bulb. C. that the minimally perceptible difference is inversely proportional to the original intensity of the stimulus. D. consumers are more likely to drive 10 blocks to save $5 on a $500 television than they are to drive 10 blocks to save $5 on a $25 clock.