Which of the following equations defines marginal revenue product?
a. MRP = P times Q.
b. MRP = total cost.
c. MRP = total revenue minus total cost.
d. MRP = MPP times price of the product.
d
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Pollution damages the environment we live in. An economist would advise that we reduce air pollution: a. as long as the marginal benefit from air pollution reduction outweighs the marginal cost of achieving the reduction. b. until the total benefit from air pollution reduction just equals the total cost of pollution reduction
c. until air pollution levels reach near-zero levels. d. to the levels experienced in the 1950s when air was much cleaner near big cities.
The long-run aggregate supply curve:
A. never moves. B. shifts right when the economy experiences economic growth. C. shifts left when the economy experiences economic growth. D. is affected by the price level.