The marginal revenue product of an hour of labor used in steel production is equal to
a. its marginal physical product times the hourly wage rate.
b. its marginal physical product times the price of steel.
c. the hourly wage rate.
d. its marginal physical product divided by the price of steel.
b
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When a regression coefficient is significant at the .05 level, it means that
A) there is only a five percent chance that there will be an error in a forecast. B) there is 95 percent chance that the regression coefficient is the true population coefficient. C) there is a five percent chance or less that the estimated coefficient is zero. D) there is a five percent chance or less that the regression coefficient is not the true population coefficient.
Prospective sunk costs
A) are relevant to economic decision-making. B) are considered as investment decisions. C) rise as output rises. D) do not occur when output equals zero.
Variables A and B are directly related. If we plot A on the horizontal axis and B on the vertical axis, the line that connects combinations of A and B in a two-variable diagram is
A) parallel to the horizontal axis. B) downward-sloping (left to right). C) parallel to the vertical axis. D) upward-sloping (left to right). E) a or c
Is the problem of coordination common to all economies? Explain how the problem is met in a market economy and how coordination was dealt with in a command economy
Please provide the best answer for the statement.