To maximize profit, a firm hires the quantity of labor that makes the ________ of labor equal to the ________
A) value of marginal product; wage rate
B) total revenue; total cost of labor
C) marginal product; total cost of labor
D) marginal product; marginal revenue
A
Economics
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Lower real income ________ the demand for money and a lower price level ________ the demand for money.
A. decreases; decreases B. increases; decreases C. increases; increases D. increases; does not change
Economics
When a small amount of output is produced per unit of the input, the input is said to exhibit
A. derived productivity. B. high productivity. C. low productivity. D. marginal productivity.
Economics