The average product of labor is defined as:
A. the additional output produced by the last ?L units of labor hired.
B. the amount of output divided by the amount of capital used to produce the output.
C. the amount of output produced multiplied by the last ?L units of labor hired.
D. the amount of output divided by the number of workers employed.
D. the amount of output divided by the number of workers employed.
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An increase in the price of electronic cash registers will
a. increase the demand for cashiers if electronic cash registers are a complementary resource b. reduce the demand for cashiers if electronic cash registers are a complementary resource c. reduce the quantity of electronic cash registers supplied d. reduce the demand for manual cash registers e. reduce the average cost of retail stores
A firm's ability to successfully practice price discrimination is greater
a. the more difficult it is to identify a customer's willingness to pay b. the more standardized the product offered by the firm c. the more difficult it is to transfer its product from person to person d. the more active the resale market is for their product e. in goods-producing markets than in service-producing markets