The marginal product of labor is the
a. value marginal product of labor multiplied by the price of the good produced.
b. total output of labor divided by the quantity of labor used.
c. additional output resulting from employing one additional unit of labor.
d. same as the marginal revenue product of labor in price-taker markets.
C
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Use the following table to answer the question below. Cloe is given $4 of pocket money to be spent on either hard candies or chocolates. Chocolates cost 40 cents each and hard candies cost 80 cents each. The marginal utilities derived from the consumption of each product are as shown in the following table.Number of ItemsMarginal Utility of ChocolatesMarginal Utility of Hard Candies160150250140340120430100520806107075508020If Cloe buys either chocolates or hard candies one piece at a time, what will be her first two purchases?
A. a chocolate, followed by another chocolate B. a hard candy, followed by another hard candy C. a hard candy, followed by a chocolate D. a chocolate, followed by a hard candy
Which of the following should be increased during an expansion?
A) Government spending B) Unemployment C) Inflation D) Tax rates
Maximizing total revenue is the same as maximizing profit
a. True b. False
The dual-control approach refers to
a. dual trading programs, one for sulfur dioxide and one for nitrogen oxides b. different standards used in PSD areas versus nonattainment areas c. the netting program and the offset program d. state control of existing sources and federal control of new or modified sources