The long-run average total cost curve of a firm envelops many short-run average total cost curves

Marginal revenue product of labor for a competitive seller is

A) equal to the marginal product of labor multiplied by the output price. B) the marginal revenue of the product multiplied by the output price. C) the change in total product from hiring one more worker. D) the output price multiplied by the quantity sold.

Refer to Figure 11-12. The movement from isoquant T to isoquant U depicts

A) an increase in the cost of production. B) an increase in output. C) an increase in labor usage holding capital and output constant. D) a change in preferences with regards to input usage.