Average product of labor is equal to ________
A) total product multiplied by the quantity of labor employed.
B) the total product produced
C) the quantity of labor employed divided by total product
D) total product divided by the quantity of labor employed
D
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The ________ the down payment made by a borrower when taking out a mortgage, the ________
A) lower; lower the interest rate usually charged by the financial company issuing the mortgage B) lower; more highly leveraged that borrower is on the mortgage C) higher; more likely the mortgage-issuer will be faced with a mortgage default. D) higher; greater the risk that the borrower will find herself upside down on the mortgage
Figure 11-7
For the firm in Figure 11-7, an unregulated monopolist, output falls below the efficient level in the short run by how much?
A. 50 B. 75 C. 35 D. 100