The marginal product of labour is defined as
a) the amount of output produced by a given labour force
b) the minimum amount of workers required to produce a given level of output
c) the increase in productivity of the marginal worker if capital is increased
d) the amount of output one more worker could produce given other factors of production are fixed
e) the cost of employing another worker
d) the amount of output one more worker could produce given other factors of production are fixed
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"Price gouging," or significant price spikes, are typical caused by
A) a significant increase in consumer demand. B) a significant increase in supplier greed. C) government attempts to impose price caps. D) no systematic relationship between supply and demand.
A US unemployment rate of 1.5% creates labor ____ which will cause ____
a. shortages; deflation b. surpluses; deflation c. shortages; inflation d. surpluses; inflation