The horizontal axis on a time-series graph
A) measures the variable being graphed.
B) measures units of time such as years.
C) runs parallel to the y-axis.
D) measures how the variable being graphed changes.
B
Economics
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The marginal product of labor is equal to the
A) total product divided by the total number of workers hired. B) increase in the total product that results from hiring one more worker with all other inputs remaining the same. C) slope of the marginal product of labor curve. D) None of the above answers are correct.
Economics
In the long-run, a firm in monopolistic competition produces an amount of output that sets
A) P > ATC and MR = MC. B) P > ATC and MR > MC. C) P = ATC and MR = MC. D) P = ATC and MR > MC.
Economics