The marginal revenue product of labor
a. increases as more labor is hired
b. is independent of the quantities of other inputs used by the firm
c. is measured while varying the amounts of all inputs used by the firm
d. is independent of the price of the firm's output
e. depends on the quantities of other inputs used by the firm
E
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A change in the price level produces a ________ the aggregate demand curve
i. shift in ii. change in the slope of iii. movement along A) i only B) ii only C) iii only D) i and ii E) i and iii
The producer surplus of making and selling 10 chairs is found by
A) multiplying the selling price by 10. B) subtracting the marginal cost from the selling price for each chair and summing the differences for all 10 chairs. C) subtracting from the total revenue the cost of producing one chair multiplied by 10. D) adding the marginal cost and the price of all 10 chairs. E) None of the above answers is correct.