A payoff matrix is a table listing the expected economic profit resulting from different possible strategies

The value of marginal product (VMP) of an input such as labor is the

A) additional output produced by the last unit of an input. B) total revenue divided by the units of the input employed. C) extra revenue gained by selling one more unit of output. D) extra revenue gained by employing one more unit of the input.

In the short run, a supply shock that shifts the short-run aggregate supply curve leftward ________ real GDP and ________ the price level

A) increases; raises B) decreases; raises C) increases; lowers D) decreases; lowers