The value of the marginal product of labor is given by:
A) the ratio of the marginal product of labor to the wage rate.
B) the product of the marginal product of labor and the wage rate.
C) the ratio of the marginal product of labor to the price of the final good produced.
D) the product of the marginal product of labor and the price of the final good produced.
D
You might also like to view...
Diversification reduces the risk that ________ face with ________ cost.
A) firms; little to no B) shareholders; little to no C) firms; zero D) shareholders; high
The primary objective of an imperfectly competitive firm is to:
A. maximize total revenue. B. charge the highest possible price. C. minimize total cost. D. maximize profit.
The total amount of producer surplus in a market is equal to
A) the area between the demand curve and the supply curve below the market price. B) the difference between quantity supplied and quantity demanded. C) the area above the market supply curve. D) the area above the market supply curve and below the market price.
Which of the following statements about perfect price discrimination is false?
A) For the price-discriminating firm, its marginal revenue curve coincides with its demand curve. B) There is no consumer surplus if a firm engages in perfect price discrimination. C) A condition for perfect price discrimination is that it must be costlier to service some customers than others. D) Perfect price discrimination occurs when the seller charges the highest price each consumer would be willing to pay for the product.