Marginal revenue product is best defined as the:
Addition to total revenue from selling one more unit of output.
B. Additional output produced by using one more unit of a productive input.
C. Addition to revenue from selling the output produced by using one more unit of an input.
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A market characterized by low barriers to entry, good substitutes, limited pricing power, and marketing of product features is best characterized as:
A. oligopoly.
B. Perfect competition.
C. Monopolistic competition.
When the price of a good decreases, and an individuals consumption of that good also decreases, it is most likelythat the:
A. Income effect and substitution effect are both negative.
B. Substitution effect is negative and the income effect is positive.
C. Income effect is negative and the substitution effect is positive.
In a given firm, the marginal product per hour worked for a skilled worker is twice as much as it is for an unskilled worker. Skilled workers earn $20 per hour, and unskilled workers earn $8 per hour.
A. Salary of skilled workers to attract more of them.
B. Use of skilled workers or decrease the use of unskilled workers.
C. Use of unskilled workers or decrease the use of skilled workers.
If quantity supplied of refrigerators exceeds quantity demanded at the current market price, the most likelymarket response would be a（n）:
A. Stable market disequilibrium.
B. Increase in demand for refrigerators.
C. Decrease in the price of refrigerators.
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