The marginal physical product of labor is
a. the slope of the total output curve at the relevant point.
b. the negative of the slope of the total output curve at the relevant point.
c. the slope of the line connecting the origin with the relevant point on the total output curve.
d. the negative of the slope of the line connecting the origin with the relevant point on the total output curve.
a
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Which of the following is a correct description of the supply curve?
i. The supply curve is also the marginal cost curve. ii. The supply curve shows the dollars' worth of other goods that we must sacrifice to produce another unit of a good. iii. The supply curve shows the additional cost of producing another unit of a good. A) i only B) i and ii C) ii and iii D) i, ii, and iii E) ii only
A key difference between accountants and economists is their different treatment of the cost of capital. Does this cause an accountant's estimate of total costs to be higher or lower than an economist's estimate? Explain
Which of the following is true?
A) If a majority of voters favor a proposal, it will achieve positive results. B) If there is an economic problem, the government will be able to solve it. C) A good outcome is guaranteed when a government program is created with good intentions. D) Even if government programs are implemented with good intentions, they may lead to undesirable outcomes.
You have an absolute advantage whenever you
A) are better educated than someone else. B) can produce more of something than others with the same resources. C) prefer to do one particular activity. D) can produce something at a lower opportunity cost than others.