The marginal physical product of labor is the
A) total output divided by the number of labor employed.
B) wage that must be paid to labor.
C) value of sales divided by additional labor used.
D) change in output generated by a unit change in labor.
Answer: D
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An increase in fixed costs will lower a firm's
a. total cost. b. output. c. prices. d. profit.
If expectations of inflation are greater than actual inflation, the short-run Phillips curve will eventually shift upward.
Answer the following statement true (T) or false (F)
How is the economic perspective reflected in lines for fast food?
A. Customers select the shortest line because they have perfect information. B. Lines will typically be of unequal length because of the inefficiencies in counter service. C. The set of food choices is often too complex for customers and thus creates long lines. D. Customers select the shortest line because they believe it will reduce their time cost of obtaining food.
A reduction in which of the following variables will cause a reduction in the user cost of capital?
A) ? B) ?t C) ?et D) all of the above E) none of the above