Marginal physical product of labor is
a. total output divided by total labor employed
b. total labor employed divided by total output
c. change in total output divided by the change in labor employed
d. change in labor employed divided by the change in total output
e. total revenue divided by total output
C
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The table above shows sales of the firms in the chocolate industry. What type of market is this?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
Suppose a price floor on sparkling wine is proposed by the Health Minister of the country of Vinyardia. What will be the likely effect on the market for sparkling wine in Vinyardia?
A) Quantity demanded will decrease, quantity supplied will increase, and a surplus will result. B) Quantity demanded will increase, quantity supplied will decrease, and a shortage will result. C) Quantity demanded will increase, quantity supplied will decrease, and a surplus will result. D) Quantity demanded will decrease, quantity supplied will increase, and a shortage will result.