The marginal product of a variable input is calculated as:
A) the change in total product divided by the change in output.
B) total product divided by the change in the variable input.
C) the change in total product divided by the change in the variable input.
D) total product divided by the total quantity of the variable input.
C
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Under rate-of-return regulation, the price is set so that
A) price equals the marginal cost of production. B) the firm earns a positive economic profit. C) the firm earns a monopoly profit. D) the firm earns a normal rate of return on investment.
The case study of segregated street cars in southern cities illustrates which of the following?
a. Streetcar owners opposed segregation laws primarily because they were concerned with civil rights. b. Segregation laws were supported by both local business owners and patrons. c. Firms usually care more about maximizing profits than discriminating against certain customers. d. Laws passed by the government cannot reduce discrimination.