The value of marginal product equals marginal product
A) multiplied by the quantity of labor.
B) divided by the quantity of labor.
C) multiplied by the good's market price.
D) divided by the good's market price.
C
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In a typical college classroom without a seating chart, dozens of students nevertheless occupy classroom seats with a minimum of confusion and disorder. Economics explains the orderly process of seat selection by assuming students
A) engage in entirely random decisions, from which only divine intervention can generate order in the classroom. B) follow a simple, perhaps even unwritten, rule, such as "seats belong to the person who first occupies them." C) know all the consequences of their actions, and thus purposefully create an orderly classroom seating assignment even if the professor doesn't require one. D) trick question: economics cannot deduce any sensible scientific claims about the behavior of college students.
The difference between a firm's assets and liabilities is its
A) net worth. B) economic profit. C) implicit costs. D) accounting profit.
In? a(n) ________, the purchaser tries to persuade enough shareholders to go against management and vote to sell.
A. hostile takeover B. leveraged buyout C. acquisition D. merger E. joint venture
Average total cost is always ____________ average variable cost, but as output rises, the difference between them ____________.
A. greater than; widens B. less than; widens C. greater than; narrows D. less than; narrows