If a firm employs an extra unit of labor, the additional product generated by employing the extra unit of labor is
A) the marginal physical product of labor.
B) the diminished marginal product.
C) the outside edge.
D) total product.
A
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When the price of tomatoes is $4, farmers supply 100,000 bushels. When price is $6, farmers supply 100,000 bushels. From this, we conclude that the
a. equilibrium price of tomatoes is $5 b. market-day supply curve is vertical at a quantity of 100,000 c. farmers are producing too many tomatoes d. supply curve for tomatoes is upward sloping e. market demand for tomatoes must be 100,000
By opening up to foreign markets two things countries generally experience are:
A. access to a smaller array of new products and saving money through access to cheaper goods. B. access to a smaller array of new products and increase in negative trade outcomes with that nation. C. saving money through access to cheaper goods and finding new customers for their products. D. increase in negative trade outcomes with that nation and finding customers who generally pay less for their products.