The additional revenue a firm obtains when it hires an additional worker (holding other inputs constant) is the
A) marginal revenue product (MRP) of labor.
B) total factor cost (TFC) per worker.
C) general rule for hiring.
D) marginal physical product (MPP) of labor.
Answer: A
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Markets in which the Herfindahl-Hirschman index ________ are considered not concentrated
A) is less than 1,000 B) is between 1,800 and 2,000 C) is between 1,000 and 1,800 D) is above 2,000
The ________ is a game in which the first player has the power to confront the second player with a take-it-or-leave-it offer.
A. matching pennies game B. ultimatum bargaining game C. repeated prisoner's dilemma D. Nash bargaining game
A market situation in which a large number of firms produce similar but not identical products is
A. an oligopoly. B. a monopoly. C. monopolistic competition. D. perfect competition.
Saving is negative when disposable income is less than
A. 2000.
B. 3000.
C. 4000.
D. 5000.