Based on the data in the table above, when Decent Donuts hires eight workers, the
A) average product of labor is greater than the marginal product.
B) marginal product of labor is greater than the average product.
C) marginal product of labor is equal to the average product.
D) marginal product of labor is not defined.
A
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If one firm in a duopoly increases its production by one unit beyond the monopoly output, that firm's profit ________, the other firm's profit ________, and the total profit of the duopoly ________
A) increases; increases; increases B) does not change; does not change; does not change C) increases; decreases; does not change D) increases; does not change; increases E) increases; decreases; decreases
Which of the following items results in an increase in the economy's measured GDP ceteris paribus?
a. more leisure time b. higher quality goods c. cleaner air d. increased medical expenditures e. reduced workplace accidents