The marginal product of labor is the change in total product from a one-unit increase in
A) the quantity of labor employed, holding the quantity of other inputs constant.
B) the quantity of capital employed, holding the quantity of labor constant.
C) both the quantity of labor and the quantity of other inputs employed.
D) the wage rate.
A
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As a result of increased use of credit cards,
A) the demand for money has decreased and there has been a movement up along the demand for money curve. B) the demand for money has decreased and there has been a movement down along the demand for money curve. C) the equilibrium nominal interest rate has decreased and bond prices have fallen. D) the demand for money has decreased and the demand for money curve has shifted leftward. E) the equilibrium nominal interest rate has increased and bond prices have decreased.
Answer the following statement(s) true (T) or false (F)
1. Use of a common property is nonrivalrous. 2. A nonexcludable good, once produced, can be made available to others at no additional cost. 3. Private markets tend to undersupply nonrivalrous goods because of free riding. 4. Once it has been produced, the efficient price for a nonrivalrous good is zero. 5. An HBO broadcast over cable television is rival in consumption but non-excludable.