Which of the following best describes the marginal product of labor for an additional employee in a landscaping firm?
A. The additional profits the firm earns because of that employee
B. The additional wages the firm must pay in labor costs because of that employee
C. The extra money the firm brings in because of that employee
D. The number of additional acres the firm can mow in a week because of that employee
Answer: D
Economics
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If the number of unemployed equals 10,000, the number of employed equals 70,000, and the number not in the labor force is 20,000, the labor-force participation rate is
A. 60%. B. 70%. C. 80%. D. 90%.
Economics
The difference between a firm's total revenues and total costs when all explicit and implicit costs are included is the firm's
a. economic profit. b. accounting profit. c. opportunity cost of capital. d. long-run average total cost.
Economics