The value of marginal product of labor equals the
A. average product of labor times the wage rate.
B. marginal product of labor divided by the net price for which each unit of output sells.
C. marginal product of labor times the net price for which each unit of output sells.
D. total product of labor divided by the net price for which each unit of output sells.
Answer: C
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Since World War II, the relative importance of raw materials, including oil, in total world trade
A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend E) increased slightly before dropping off.
Which one of the following is a way to get out of a repeated Prisoner's Dilemma Nash Equilibrium?
a. Be envious b. Try to decrease your competitor's pie while increasing your own c. Do not be envious-focus on your slice of the profit pie d. All of the above
Taxation allows the government to redistribute income from higher income earners to those with lower incomes
Indicate whether the statement is true or false
If supply increases and demand is unchanged, the equilibrium price ____ and the equilibrium quantity ____. Question 26 options:
A. rises; decreases B. does not change; does not change C. falls; decreases D. rises; increases E. falls; increases