According to the marginal productivity theory of income
A) the income received by an individual who supplies labor services equals the incremental benefit generated to the firm by that individual's labor.
B) the average income received by an individual who supplies resources is influenced by the resources owner's marginal productivity.
C) the greater the quantity of resources owned by an individual, the greater his incentive to increase productivity and his income.
D) the income received by an individual who supplies labor services equals the profit generated to the firm by that individual's labor.
A
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In economics, the meaning of demand refers to
A) how badly someone wants a good. B) the quantities of a good that people will buy at various prices. C) the quantities of a good that people will sell at various prices. D) the total satisfaction that consuming a good provides people at different prices.
In Figure 4-16, an increase in the number of producers will shift supply from
A. S1to S2. B. S2to S1. C. S3to S2. D. S3to S1.