For a perfectly competitive firm, the value of the marginal product of labor falls as more workers are hired because of the diminishing
A) output price.
B) marginal physical product of labor.
C) price of labor.
D) marginal cost of production.
B
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In the case study in the text involving calculator production, the fact that each calculator produced added $10.30 to cost and $12 to revenue made clear the value of ____ in determining whether or not to suspend production.
A. average fixed cost B. cost saving C. marginal analysis D. the level of fixed cost
An association of businesses that are jointly owned and operated by members for mutual benefit is a:
A) condominium. B) corporation. C) cooperative. D) joint tenancy.
The distributions of tax burdens among various groups in society is known as
A. tax incidence. B. a proportional tax. C. a progressive tax. D. a regressive tax.
Determine which of the following transactions may require adjustments.
a. Equipment was purchased in the middle of the year. b. An advance payment was received from a customer earlier in the month, but only partially earned by the end of the month. c. Six months of rent were paid in advance. d. A one-month premium on an insurance policy was paid e. Supplies were purchased at the beginning of the year, but not all were used. f. A 24-month insurance policy was prepaid g. Rent was paid for the month. h. An employee was paid his weekly wages in full at the end of the week.