The formula ?q/?L represents
A. the average product of labor.
B. the capital-to-labor ratio.
C. total product.
D. the marginal product of labor.
Answer: D
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Refer to the above table. If the price of the good produced is $7, the marginal revenue product of the 11th worker is
A) $700 B) $4200 C) $630 D) $3500
To protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced
A. the imposition of taxes on certain goods. B. zoning laws. C. rationing systems. D. antitrust laws.
When the cost minimization condition is met:
A. the marginal products of all inputs are equal. B. marginal cost equals marginal revenue. C. the ratio of marginal product to price is equal for all inputs. D. the marginal revenue products of all inputs are equal.
Refer to the below information and table. What will be the equilibrium economic rent per acre?
Suppose that the quantity of a certain type of farmland available is 400,000 acres, and the demand for this land is given in the table below.
A. $100
B. $200
C. $300
D. $400