Review Questions

1.
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What is the difference between the long and short run as it pertains to production?
2.
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What is the distinction between economic and accounting profits? Do positive accounting profits necessarily mean a firm will elect to remain in business?
3.
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What is the marginal product of labor? Explain why the marginal product of labor eventually declines with the level of employment at the firm.
4.
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Define the marginal revenue product (MRPL) and the marginal cost (MCL) of labor. Explain why the condition MRPL = MCL is necessary for profit maximization.

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