The marginal revenue product is
a. the marginal product of labor divided by the output price.
b. the marginal product of labor minus the output price.
c. the additional revenue produced by one more unit of output.
d. the marginal product of labor multiplied by the output price.
d. the marginal product of labor multiplied by the output price.
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Refer to Figure 4.1. Simon is the ________ player
A) row B) column C) chapter D) page
Business people often speak about price elasticity without actually using the term. Which statement describes a good with an elastic demand?
A) "A price cut won't help me. It won't increase my sales, and I'll just get less money for each unit." B) "I don't think a price cut will help my bottom line any. Sure, I'll sell a bit more, but I'll more than lose because the price will be lower." C) "My customers are real shoppers. After I cut my prices just a few cents below those my competitors charge, customers have been flocking to my store and sales are booming." D) "The economic expansion has done wonders for my sales. With more people back at work, my sales are taking off!"
The phase of the business cycle characterized by rising output is called a(n)
a. peak b. recession c. depression d. trough e. expansion
Supply of a food item increases by more than the demand for the food item increases. One thing for certain is that
A) the price of the food item rises. B) income elasticity of demand is less than 0. C) the supply curve is price inelastic. D) real income falls as a result. E) none of the above