The marginal product of labor is defined to be
a. the additional output attributable to the last unit of labor employed.
b. the amount of output obtained, on average, from each unit of labor employed.
c. the percentage increase in output caused by a 1% rise in labor usage.
d. the amount of capital that the firm can use to replace one unit of labor.
a. the additional output attributable to the last unit of labor employed.
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In order to determine whether to major in economics, a rational individual compares the ________ of the decision
A) normative benefits and positive costs B) positive benefits and normative costs C) marginal benefit and marginal cost D) self-interest and social-interest E) opportunity cost and the sunk cost
The above diagram shows the cost curves for a perfectly competitive wheat farmer
At what price(s) does the wheat farmer make an economic profit? Make zero economic profit? Incur an economic loss? How many bushels of wheat does the farmer produce if the price is $3 per bushel? If the price is $0.50 per bushel?
As the price level rises, people feel wealthier and aggregate demand increases
Indicate whether the statement is true or false
A firm's demand for a resource is a(n)
a. final demand b. derived demand c. secondary demand d. induced demand e. marginal demand