Because firms in a competitive market hire workers up to the point where the marginal product of labor equals the wage, the marginal cost of labor also equals the marginal product of labor. **1. Perfectly Competitive Labor Market:** In a perfectly competitive labor market, firms are wage ...
In any production process, the marginal product of labor equalsA.the value of total output minus the cost of the fixed capital stock.B.the average output of the least-skilled workers employed by the firm.C.the change in output per unit change in labor in
In any production process, the marginal product of labor equals:A.the value of total output minus the cost of the fixed capital stock.B.the change in output per unit change in labor input for small changes in the amount of input.C.total output divided by
11. In the Solow growth model of Chapter 8, investment equals: A) output。 B) consumption. C) the marginal product of capital. D) saving。 (完整版)中级宏观经济学付费版题库 8 开放经济 12。 In the Solow growth model of Chapter 8, for any given capital stock, the ___ determines...
(b)marginalproductoflabor(MPL)=wage.(c)marginalrevenueproductoflabor(MRPL)=wage.(d)marginalrevenueproductoflabor(MRPL)=theproduct'sprice.3.Marginalproductoflabor(MPL)multipliedbytheproduct'sprice(P)equals(a)marginalrevenueproductoflabor.(b)marginalphysicalproductoflabor.(c)marginalrevenue.(d)marginal...
Themarginalrevenueproductoflaboris Instructor: Hirofumi Shimizu Economics 101 Section 8 Third Midterm Exam Fall 1999 Exam 3A Mark the one best answer to each of the following 30 multiple choice questions on the answer sheet.Be sure to mark the answer by the corresponding question number on the ...
Marginal product of labor(MPL), also known asmarginal return, measures the productivity of each additional unit of input and is calculated by observing the difference in total product when adding another unit of input (assuming other resource quantities are held constant). ...
Under competitive markets, the demand for labor equals the marginal productivity of labor with the marginal cost.(4)1+αlw=αvmYmVAmαvlmA1-1σvdVAmLm1σvm(5)1+αljwj=αvfYfjVAfjαvlfA1-1σvdVAfjLfj1σvfwith αl being the fraction of productive workers devoted to tax compliance ...
In any production process, the marginal product of labor equals: A、the value of total output minus the cost of the fixed capital stock. B、the change in output per unit change in labor input for 'small' changes in the amount of input. C、total output divided by total labor inputs. D...
1.Theeconomicfieldofindustrialorganizationexamineshowfirms’decisions aboutpricesandquantitiesdependonthemarketconditionstheyface. ANS:TDIF:2REF:13-0NAT:Analytic LOC:CostsofproductionTOP:Industrialorganization MSC:Interpretive 2.Profitequalsmarginalrevenueminusmarginalcost. ANS:FDIF:1REF:13-1NAT:Analytic LOC:Co...