The marginal product of labor equals the change in ________ from a one-unit increase in the quantity of labor
A) total product
B) average product
C) total cost
D) the slope of the average product curve
E) the wage rate
A
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In the United States during the late 1990s, the unemployment rate fell from previous years and the inflation rate was lower than in previous years. This set of events is best described by saying that the
A) economy moved to a lower point on its short-run Phillips curve but the short-run Phillips curve did not shift. B) economy moved to a higher point on its short-run Phillips curve but the short-run Phillips curve did not shift. C) long-run Phillips curve shifted rightward. D) short-run Phillips curve shifted downward. E) short-run Phillips curve shifted upward.
A firm will not shut down in the long run as long as the firm's revenue:
A. is larger than the firm's variable cost. B. is greater than the firm's marginal cost. C. is greater than the fixed cost. D. is less than the total cost.