The marginal revenue product of labor is defined as
A) the change in the firm's output as a result of hiring one more worker.
B) the change in the firm's revenue as a result of selling one more unit of output.
C) the change in the firm's profit as a result of hiring one more worker.
D) the change in the firm's revenue as a result of hiring one more worker.
D
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In the short run, total variable cost
A) includes the cost of capital. B) includes the cost of labor. C) includes both the cost of capital and of labor. D) does not change when production changes. E) is positive when output is zero.
The demand for labor curve is derived from the:
A) total product of labor. B) supply curve for labor. C) average product of labor. D) value of marginal product of labor.
Suppose the total cost of producing T-shirts can be represented as TC = 50 + 2q. The marginal cost of the 5th T-shirt is
A) 2. B) 10. C) 12. D) 60.
A set of strategies in which no player can improve his or her payoff by changing his or her own action is called a:
A. framing strategy. B. dominant strategy. C. Vickrey position. D. Nash equilibrium.