What is the relationship between the value of marginal product of labor and the marginal product of labor?
What will be an ideal response?
VMP is equal to the price of a unit of the output, P, multiplied by the marginal product of labor, MP. So VMP = P ? MP.
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There are substantial racial differences in college attendance, within income classes
Indicate whether the statement is true or false
The failure of markets to adequately protect the environment can viewed either as a problem of
a. externalities or as a problem of common resources. b. externalities or as a problem of private goods. c. the overprovision of public goods or as a problem of the underprovision of private goods. d. club goods or as a problem that arises when the quantity of excludable goods exceeds the socially-efficient quantity.
Use the following demand and supply functions: Demand:Qd = 900 - 60PSupply: Qs = -200 + 50PEquilibrium price and output are
A. P = $20 and Q = 150. B. P = $10 and Q = 300. C. P = $100 and Q = 5,300. D. P = $7 and Q = 480.
Assume that the home construction industry is perfectly competitive and is in long-run competitive equilibrium. It follows that:
A. firms in the industry enjoy economic profits. B. marginal cost exceeds long-run average total cost. C. marginal cost equals long-run average total cost. D. there will be incentive for new firms to enter the industry.