The marginal revenue product gives
A) the change in total product for an additional unit of a variable input.
B) the amount that other inputs must increase by when labor increase by one unit.
C) the additions to total cost when an additional unit of a variable input is hired.
D) the additional revenue obtained when an additional unit of a variable input is hired.
Answer: D
You might also like to view...
Stadiums and arenas built for use by professional sports teams are often paid for by local governments using tax dollars
What kind of goods are these stadiums and arenas, and why would government use tax dollars to pay for them when the professional sports franchises that use them are generally quite successful, financially?
Which of the following statements provides the best description of one reason why regulation of an industry might not increase economic efficiency?
a. There are more employees of regulated industries than affected customers. b. Insufficient regulator pay makes it difficult to hire effective regulators. c. The regulated industry has stronger incentives to be involved in the regulation process than the general publi c. d. Regulated industries have too much economic power and can litigate away most regulation.
One major reason that economists are concerned about unemployment is that
A) unemployment always leads to frictional unemployment. B) unemployment reduces the size of the labor force. C) unemployment shifts the production possibilities curve outward. D) the economy is producing less output than if there were full employment.
In the aggregate expenditures model, if an economy operates below equilibrium GDP, there will be unplanned inventory accumulation
a. True b. False Indicate whether the statement is true or false