The increase in total revenue due to increasing the amount of labor employed by one unit is called the( )
举一反三
- The increase in total revenue due to increasing the amount of labor employed by one unit is called the( ) A: Average Revenue Product. B: Marginal Product. C: Total Revenue Product. D: Marginal Revenue Product.
- Marginal product of labor is the increase in the amount of output from an additional unit of labor. A: right. B: wrong.
- The marginal product of an input in the production process is the increase in A: total revenue obtained from an additional unit of that input. B: quantity of output obtained from an additional unit of that input. C: profit obtained from an additional unit of that input. D: total revenue obtained from an additional unit of that input.
- The total amount of money that businesses take in by selling goods and services is called ________. A: profit B: revenue C: loss D: retained earnings
- An increase in price causes an increase in total revenue when: () A: demand<br/>is elastic. B: demand<br/>is inelastic. C: demand<br/>is unit elastic. D: All<br/>of the above are possible.