The marginal physical product of labor is measured in units of
a. dollars (as in revenue)
b. workers hired
c. hours worked
d. output
e. the wage rate
D
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In a perfectly competitive market that is in long-run equilibrium, which of the following will NOT occur?
A) Firms make only zero economic profit. B) Firms' owners earn a normal profit. C) The price equals the minimum average total cost. D) Entrepreneurs want to enter this industry.
The wage premium for the average college graduate (vs. the average high school graduate) has gone down significantly in recent years
a. True b. False
The ability to produce a good at a lower opportunity cost than others is called a(n) __________ advantage
A) complementary B) comparative C) natural D) indigenous
.Which of the following would be true if money were not used as a medium of exchange?
What will be an ideal response?