When producers would have been willing to accept lower prices at various quantities produced than the market clearing price, the differences are called
A) producer surplus.
B) monopoly profits.
C) opportunity cost.
D) consumer surplus.
Answer: A
Economics
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Firms use information on labor's marginal revenue product to determine
A) how much marginal product to produce at each wage rate. B) how many workers to hire at each wage rate. C) how much to produce at each output price. D) how much labor services to supply at each wage rate.
Economics
When labor usage is at 12 units, output is 36 units. From this we may infer that
A) the marginal product of labor is 3. B) the total product of labor is 1/3. C) the average product of labor is 3. D) none of the above
Economics