The marginal physical productivity of labor is:
a. the slope of the total output curve at the relevant point.
b. the negative of the slope of the total output curve at the relevant point.
c. the slope of the line connecting the origin with the relevant point on the total output curve.
d. the negative of the slope of the line connecting the origin with the relevant point on the total output curve.
a
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Among the opportunity costs of a firm are all of the following EXCEPT
A) the owner's forgone wage. B) costs of resources bought in markets, such as labor. C) normal profits. D) economic profits.
Marginal revenue is equal to
A) total revenue divided by price. B) the change in total revenue divided by total output. C) the change in total revenue divided by the change in quantity sold. D) price divided by quantity sold.