When the marginal product of labor exceeds the average product of labor
A) the average product of labor is increasing.
B) the average product of labor is decreasing.
C) the total product curve is negatively sloped.
D) the firm is experiencing decreasing returns to scale.
A
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Refer to the below graphs. (Assume that the pre-migration labor force in Country A is 100 and that it is 150 in country B.) What part of domestic output in country A is the total wage bill before and after the immigration?
A. $500M before and $800M after
B. $500M before and $100M after
C. $400M before and $100M after
D. $400M before and $500M after
The United States currently is
A) a debtor nation and has been since the end of World War II in 1945. B) a creditor nation and has been since the end of World War II in 1945. C) a debtor nation and has been since 1989. D) a creditor nation and has been one since 1989. E) neither a debtor nation nor a creditor nation.
Suppose a record company produces both swing and rhythm & blues music. An increase in the market demand for swing music therefore tends to
A) increase the demand for rhythm & blues music. B) increase the cost of producing rhythm & blues music. C) decrease the cost of producing rhythm & blues music. D) leave the cost of producing swing music unchanged.
If the price of labor falls, we can expect:
a. demand for labor will increase. b. quantity demanded of labor will increase. c. demand for labor will decrease. d. quantity demanded of labor will decrease. e. marginal factor cost to rise in a competitive market.