The additional cost associated with hiring one additional unit of some factor input, such as labor, is referred to as
A) marginal physical product of labor.
B) marginal revenue cost.
C) marginal factor cost.
D) marginal revenue product.
Answer: C
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Countries with higher rates of saving
A) experience lower growth rates in the future. B) have a large population. C) have a greater number of poor people. D) have higher rates of growth.
Assume that the price elasticity of demand for a commodity is 0.20 . A 10 percent increase in the price of the commodity will be followed by a:
a. 20 percent increase in the quantity demanded. b. 2 percent decrease in the quantity demanded. c. 20 percent decrease in the quantity demanded. d. 0.2 percent decrease in the quantity demanded. e. 2 percent increase in the quantity demanded.
Thomas Malthus believed that in the long run, the growth rates of real GDP would not exceed population growth
a. True b. False Indicate whether the statement is true or false
An efficiency wage is:
A. a wage payment necessary to compensate workers for risk of injury on the job. B. a "wage" that contains a profit-sharing component as well as traditional hourly pay. C. an above-market wage that minimizes a firm's labor cost per unit of output. D. a wage that automatically rises with the national index of labor productivity.