The marginal revenue product of labor is
a. how much labor can be purchased with the revenue from the sale of one more unit of the good
b. how much the marginal revenue changes when you add more labor
c. the same as the marginal revenue product of capital when the markets for labor and capital are in equilibrium
d. determined by the wage rate
e. the contribution to total revenue made by the marginal laborer
E
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A(n) ________ variable is calculated from within the model. A(n) ________ variable can never be taken as given
A) endogenous; endogenous B) exogenous; endogenous C) endogenous; exogenous D) exogenous; exogenous E) none of the above
The Sherman Antitrust Act of 1890
a. immediately reduced the number of trusts and the incidence of anticompetitive behavior b. established the Antitrust Division of the Department of Justice c. did not apply to farmers d. was not fully enforced at first e. prohibited price discrimination