Economics-Microeconomics

Business

Quiz 18 :

Markets for Factors of Production

Quiz 18 :

Markets for Factors of Production

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The demand for the services of labor ________ a derived demand and the demand for the services of land ________ a derived demand.
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A

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Coal is an example of
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A

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Jose owns a local coffee shop. When Jose calculates how his total revenue changes in response to hiring an extra worker, Jose is calculating the
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B

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The value of marginal product (VMP) of an input such as labor is the
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The value of marginal product equals marginal product
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The value of marginal product (VMP) of labor is the extra revenue generated by
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The change in total revenue that results from employing one more unit of labor is called the
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The demand for labor is a derived demand because it is derived from
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The value of marginal product of labor is the change in
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Water from the Mississippi river is an example of
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The value of an additional baker to a bakery is equal to the
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Profit is the factor price for
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Consider the demand for labor in the computer chip industry. The demand for labor
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Which of the following groups lists the four factors of production?
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The demand for a productive resource, not for its own sake, but for use in the production of goods and services is called a
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The demand for factor is driven by the demand for goods and services produced by that factor of production. This phenomenon is referred to as
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The value of marginal product of labor
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The value of marginal product of labor is the increase in
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The increase in revenue created by hiring one more unit of labor is the
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The marginal product of labor is the
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