The marginal revenue product curve is:
a. c and d are correct.
b. c and e are correct.
c. given by the marginal product curve multiplied by the price of the good.
d. the marginal contribution of an additional worker to firm's revenues.
e. the change in total cost that results from employing an additional worker.
a
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The rising minimum wage allegedly has reduced the quantity demanded of teenage labor. However, demographics slightly reduced the supply of teenage labor. The U.S. Department of Labor reported that teenage unemployment is an increasing problem. Which graph in Figure 4-10 is consistent with these facts?
a.
1
b.
2
c.
3
d.
4
Figure 4-10
Consumer surplus is the net economic benefit to consumers who are able to buy a good at a price lower than the highest price they are willing to pay.
Answer the following statement true (T) or false (F)