In Figure 1.9, as you move up the curve from point J toward point M, the slope
A. Increases.
B. Decreases.
C. Remains constant.
D. Becomes negative.
Answer: A
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A firm sells 20 units of a good at a price of $5 per unit. If the average cost of production of the good equals $3 per unit, the firm's revenue is:
A) $40. B) $60. C) $100. D) $120.
The average product of labor exceeds the marginal product of labor
A) when the average product of labor is falling. B) when the average product of labor is rising. C) when the marginal product of labor is at its maximum. D) when the average product of labor is at its maximum.
The marginal product of labor (measured in units of output) for Relient Corp is given by MPN = A(200 - N)
where A measures productivity and N is the number of labor hours used in production. Suppose the price of output is $3 per unit and A = 2.0. What will be the demand for labor if the nominal wage is $30? A) 170 B) 185 C) 190 D) 195
If a person could increase total utility by purchasing more candy and fewer apples, then the
a. total utility from candy must exceed the total utility from apples b. marginal utility of candy must exceed the marginal utility of apples c. marginal utility per dollar spent on candy must exceed the marginal utility per dollar spent on apples d. total utility per dollar spent on candy must exceed the total utility per dollar spent on apples e. marginal utility per dollar spent on candy must be less than the marginal utility per dollar spent on apples