The marginal product is the incremental change in total output that can be obtained from the use of one more unit of an input in the production process, while holding constant all other inputs
a. True
b. False
Indicate whether the statement is true or false
True
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In the above table, saving equals zero when real disposable income equals
A) $500. B) $0. C) $200. D) $300.
If the price of a product falls below average total cost in the short run, the firm:
a. has an economic profit. b. cannot cover total fixed costs. c. experiences a loss. d. must always shut down. e. should expand output until MC = MR.
Behavioral economists refer to the first price a consumer hears for a product as the ______.
a. anchor b. endowment c. frame d. marginal utility
The market demand for labor is
A. more elastic in the short run than in the long run. B. never elastic in the relevant range. C. unaffected by time differences. D. more elastic in the long run than in the short run.