When 5 units of labor are employed, total product is 9 units; when 6 units of labor are employed, total product is 11 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor?
A) $10
B) $5
C) $15
D) $55
A
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Refer to the figure above. What is the change in total revenue due to a price reduction from $6 to $4?
A) The total revenue increases by $300. B) The total revenue decreases by $600. C) The total revenue increases by $200. D) The total revenue increases by $600.
To pay for WW I, the national debt was expanded from ___ percent of GDP at the beginning of the war to ___ percent of GDP by the end of the war
a. 1; 5 b. 2; 13 c. 3; 32 d. The national debt did not expand due to reparations payments.
Figure 10-1
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Suppose a perfectly competitive firm’s situation is shown in Figure 10-1 and the firm is currently producing at B. What should the firm do in this situation?
A. The firm should continue producing at B since that is the short-run equilibrium. B. The firm should increase production to C, so that MR = MC. C. The firm should decrease production to lower marginal costs. D. The firm should lower the price and continue to produce at B.
The hours of work supplied by various types of workers are referred to by economists as
A. revenue. B. labor. C. production. D. cost.