When the marginal product of labor ________ the average product of labor, then the average product is maximized.
A. is less than
B. is greater than
C. equals
D. The average product of labor is never maximized.
Answer: C
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Refer to Scenario 1. What is the total output when 2 hours of labor are employed?
A) 80 B) 100 C) 180 D) 200
A choice architect is someone who:
A. designs areas that have a lot of choices in determining how the space is used. B. determines how people should make decisions inside of a specific environment. C. is in a position to shape the decision-making environment. D. determines which choices are available to builders in a specific area.
Explain how the following will affect the relative values of the dollar and the English pound
a. Income growth is higher in the United States than in England. b. Inflation is higher in England than in the United States. c. Real interest rates are higher in the United States than in England.
In a free market, the market price and quantity in the above figure will adjust to equilibrium values of
A. $1 per gallon and 50 million gallons. B. $2 per gallon and 60 million gallons. C. $4 per gallon and 10 million gallons. D. $2 per gallon and 30 million gallons.