Bob's Baubles, Inc, sells its product for $3 each in a perfectly competitive market. If it increases its workforce from 1,000 to 1,001, its output goes from 615 to 625 per day. Its marginal revenue product for the 1,001st worker is:
a. $3

The labor force participation rate is defined as

A) the percentage of the working-age population that is unemployed. B) the percentage of the working-age population that is employed. C) the percentage of the labor force that is employed. D) the percentage of the labor force that is unemployed. E) the percentage of the working-age population in the labor force.

Whenever an input makes up a large percentage of a good's final cost, an increase in that input's price will

A) affect total cost relatively more. B) not affect total revenues. C) affect only accounting profits. D) cause the firm to shutdown.