The increase in revenue created by hiring one more unit of labor is the
A) marginal product of labor.
B) marginal revenue of labor.
C) marginal product revenue of labor.
D) value of marginal product of labor.
D
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Refer to the table and information below. What is the total cost and total benefit of doing projects A, B, and C?
Assume that a government is considering a new social program and may choose to include in this program any number of four progressively larger projects. The marginal cost and the marginal benefits of each of the four projects are given in the table.
A. Total cost is $5 billion and total benefit is $7 billion
B. Total cost is $4 billion and total benefit is $7 billion
C. Total cost is $9 billion and total benefit is $12 billion
D. Total cost is $16 billion and total benefit is $20 billion
Refer to the data. With the demand schedule shown by columns (2) and (3), in long-run equilibrium:
A. price will equal average total cost.
B. total cost will exceed total revenue.
C. marginal cost will exceed price.
D. price will equal marginal revenue.