Q1、In a discussion about the factors that determine a firm’s demand for labor, Kathleen Jorgensen asserts the following: Statement 1: A firm’s marginal revenue curve is equivalent to its short-run labor demand curve. Statement 2: A decrease in the equilibrium market price of a firm’s product will increase the firm’s demand for labor because the firm will sell more units of the product. Are Jorgensen’s statements CORRECT? Statement 1 Statement 2
A) Incorrect Incorrect B) Correct Incorrect C) Correct Correct
Q2、Are the following two statements about the marginal revenue product (MRP) of a factor of production correct? Statement 1: In a price taker market, the MRP of an input is the marginal product of the input multiplied by the price of the output it generates. Statement 2: If we compare any two productive inputs, the one with the higher MRP will earn greater economic rent. Statement 1 Statement 2
A) Incorrect Correct B) Correct Correct C) Correct Incorrect
Q3、The increase in total revenue from selling the additional output of one more unit of an input is called the input’s: A) factor of production. B) marginal revenue. C) marginal revenue product.
Q4、Marginal revenue product is best defined as the: A) addition to total revenue from selling the additional output from using one more unit of an input. B) gain in total revenue from selling one more unit of output. C) additional output that results from employing one more unit of a productive input.
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发表于 2009-1-15 11:04
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