The total output produced by a firm divided by the quantity of workers employed by the firm is the definition of
A) the marginal product of labor.
B) the division of labor.
C) the average product of labor.
D) the average cost of production.
Answer: C
Economics
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The quantity of labor supplied is determined by the:
A. opportunity cost of providing labor. B. marginal product of labor. C. number of firms. D. technology.
Economics
The depletion of a common resource due to individually rational but collectively inefficient overconsumption is called:
A. excludability. B. the free rider problem. C. rival in consumption. D. the tragedy of the commons.
Economics