The marginal physical product of an input is the
A. addition to output from using one more unit of an input.
B. extra amount of an input needed to produce one additional unit of output.
C. change in average physical product, given a change in the quantity of an input.
D. slope of the production indifference curve for an output made using the input.
Answer: A
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A natural barrier to entry is defined as a barrier that arises because of
A) technology that allows one firm to meet the entire market demand at lower average total cost than could two or more firms. B) patents or licenses that exclude others from producing a good or service. C) many firms producing the good and thereby allowing choice for all consumers. D) anticompetitive practices by a firm that keep other firms from producing. E) one firm owning a key natural resource.
In the above, in which figure(s) is (are) the slope the same at every point?
A) Figure A only B) Figures A and C C) Figure B only D) Figures A, C, and D E) Figures C and D
A violinist will take no less than $40,000 a year touring with the Seattle Symphony Orchestra. Otherwise she would prefer to work as a music teacher in Seattle. The Orchestra actually pays her $75,000 . The rent component of her orchestra wage is
a. $40,000 b. $75,000 c. $115,000 d. $35,000 e. $0
Aggregate expenditures are equal to ________.
A. C + I + G + NX B. C + I + G + M C. C + I + NX D. I + G + NX