The marginal product of labor measures:
a. the total amount of output produced by all workers combined
b. the quantity of an intermediate product that is combined with labor to produce output.
c. the amount of output an additional worker contributes to a firm's total output.
d. the average productivity of workers hired by a firm.
c
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When the price of a good is high, selling the good is profitable, and so the quantity supplied is large
a. True b. False Indicate whether the statement is true or false
Which of the following statements is not correct?
a. The median voter theorem explains why politicians appeal to the middle of the voting distribution. b. Based on studies of human decision making, most people prefer to procrastinate, both in the immediate future and in the distant future. c. Screening refers to an uninformed party trying to extract information from an informed party. d. Advertising can be an example of a company signaling the quality of its products.
Since the mid-1980s, tariff rates in most nations have risen
Indicate whether the statement is true or false
Refer to the graphs below for a purely competitive market in the short run. The graphs suggest that as long run adjustments consequently occur, the firms in the industry will find that:
A. Profits will increase
B. Profits will decrease
C. Profits will be unchanged
D. Cannot be decided from the information given