Which of the following is the most accurate definition of a worker's "marginal revenue product"?
a. the change in the firm's profits as the result of hiring an additional worker
b. the change in the firm's total revenue as the result of hiring an additional worker
c. the change in the firm's output as the result of hiring an additional worker
d. the change in the firm's cost as the result of hiring an additional worker
B
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Refer to the above figure. The market equilibrium quantity is Q1. Point Q2 represents the optimal amount of production. This indicates that there is
A) a public good which should be produced. B) regressive taxation of the product. C) a positive externality. D) a negative externality.
The federal government receives most of its revenues from
A. personal income taxes. B. property taxes. C. corporate taxes. D. excise taxes.