The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of
A) the division of labor. B) the average cost of production.
C) the average product of labor. D) the marginal product of labor.
C
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(Consider This) An unprofitable motel will stay open in the short run if:
A. price (average nightly room rate) exceeds average variable cost. B. marginal revenue exceeds marginal cost. C. price (average nightly room rate) exceeds average fixed cost. D. marginal revenue exceeds price.
Assume the smart watch industry is a perfectly competitive industry that uses a specialized input. If this industry experiences an increase in demand, we might expect that in the long run:
A. neither input nor output prices will increase. B. only input prices will increase. C. both input and output prices will increase. D. only output prices will increase.