Which of the following is NOT an example of ways in which microeconomic analysis can help Toyota Motor Corporation in its corporate decision making?
A.Forecasting demand for new automobiles
B. Determining how many automobiles to produce in order to maximize profits
C. Forecasting the effect of an oil price increase on demand for hybrid autos
D. Predicting how competitors will react to the firm's pricing strategy
E. Forecasting the effect of Toyota's hiring patterns on the U.S. unemployment rate
E. Forecasting the effect of Toyota's hiring patterns on the U.S. unemployment rate
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In the United States, the productive factor that, as a group, receives the largest fraction of the nation's total income is
A) labor. B) consumption goods and services. C) land. D) entrepreneurshi
Which of the following describes a difference between the marginal product of labor and the marginal revenue product of labor?
A) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product of labor declines as each additional worker is hired because of diseconomies of scale. B) The marginal product of labor is inelastic. The marginal revenue product of labor is elastic. C) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product increases as each additional worker is hired because of increases in the productivity of labor. D) The marginal product of labor measures the change in output as additional workers are hired. The marginal revenue product measures the change in revenue as additional workers are hired.