The marginal product of labor is the
A) change in total product produced by hiring an additional unit of labor.
B) total revenue divided by units of labor.
C) extra revenue gained by selling one more unit of output produced by hiring additional units of labor.
D) extra revenue gained by employing one more unit of labor.
A
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Kiwis and strawberries are substitutes for consumers. An increase in the price of a kiwi coupled with an increase in the number of strawberry growers ________ the equilibrium price of a pound of strawberries and ________ the equilibrium quantity of
strawberries. A) raises; increases B) lowers; probably changes, but more information is needed to determine if it increases or decreases C) lowers; increases D) probably changes, but more information is needed to determine if it rises or falls; increases E) raises; probably changes, but more information is needed to determine if it increases or decreases
Albro Martin and the text contend that the work of the Interstate Commerce Commission was largely for the benefit of _________
a. consumers b. the environment c. the federal government d. major shippers