The marginal physical product of labor is the
A) total output divided by the number of labor employed.
B) wage that must be paid to labor.
C) value of sales divided by additional labor used.
D) change in output generated by a unit change in labor.
D
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A downturn in the economy occurs when real GDP
a. declines, inflation moderates, and full employment exists b. declines, inflation occurs, and unemployment emerges c. declines, inflation moderates, and unemployment emerges d. is sustained at a relatively high level, but inflation moderates, and unemployment emerges e. is sustained at a relatively high level with full employment, but inflation moderates
If the quantity of Arizona green teas demanded falls from 4.0 million to 3.0 million as the price of Lipton green teas falls from $2.70 to $2.50, Arizona's teas and Lipton's teas are:
A. luxuries. B. inferior goods. C. substitutes. D. complements.