The value of the marginal product of labor is equal to the change in

a. marginal cost caused by the addition of the last worker.
b. total cost caused by the addition of the last worker.
c. total revenue caused by the addition of the last worker.
d. total profit caused by the addition of the last worker.


c

Economics

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Considering all costs of production, the marginal cost of producing a hot dog is $1.00. The price of a hot dog is $1.50. Thus, the producer surplus from this hot dog is

A) $1.50. B) $1.00. C) $.50. D) Zero, because $1.50 is the most anyone would pay for a hot dog.

Economics

The decision about whether a firm in each particular industry must operate as a proprietorship, partnership, or corporation is made by the Internal Revenue Service

Indicate whether the statement is true or false

Economics

When a monopolist practices price discrimination, consumer surplus tends to increase

a. True b. False Indicate whether the statement is true or false

Economics

Price differentiation is a situation in which

A. consumers' comparison-shop. B. there are different prices for the same product that are not due to differences in the marginal cost of providing the commodity to different groups of buyers. C. there are different prices for similar products reflecting differences in the marginal cost of providing the commodities to different groups of buyers. D. the demand curve is vertical.

Economics