The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of
A) the marginal product of labor.
B) the division of labor.
C) the average product of labor.
D) the average cost of production.
Answer: C
You might also like to view...
According to your authors, entrepreneurial innovation is similar to arbitrage because both activities ultimately involve
A) obtaining inputs at relatively high prices and selling the output at lower prices. B) obtaining inputs at relatively low prices and selling the output at higher prices. C) the absence of uncertainty. D) the presence of perfect and complete information.
Another term for negative externalities is
A) bad vibrations. B) non-marginal costs. C) spillover costs. D) sunk costs. E) surplus product.
When economists say consumers, firms, or investors are behaving rationally, they mean:
A) they recognize that it is not worthwhile to invest in risky stocks B) they are taking actions to reach their goals, given the available information C) they have significant investment expertise D) they are consistently able to avoid poor performing stocks
In all cases, macroeconomics deals with
A) what is. B) what should be. C) relatively small units in the economy. D) the entire economy.