The use of specialization to achieve economies of scale is one reason modern societies are as prosperous as they are
a. True
b. False
Indicate whether the statement is true or false
True
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Define the following terms and explain their importance to the study of economics
a. minimum wage law b. income and substitution effects c. backward-bending labor supply curve d. human capital theory e. dual labor markets
Labor productivity is measured by _____ per _____.
Fill in the blank(s) with the appropriate word(s).
In the following graph, the price of capital is $12 per unit. How many units of labor should the firm use in order to produce 200 units of output at the least cost?
A. 22 units of labor B. 30 units of labor C. 18 units of labor D. 40 units of labor E. 12 units of labor
For a firm selling its product in a purely competitive market, the marginal revenue product of labor can be found by:
A. adding marginal product to total product as one more unit of labor is employed. B. adding marginal revenue to total product as one more unit of labor is employed. C. multiplying marginal product by product price. D. dividing marginal product by product price.