1. fiogf49gjkf0d fiogf49gjkf0d What is the difference between the long and short run as it pertains to production? |
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2. fiogf49gjkf0d fiogf49gjkf0d What is the distinction between economic and accounting profits? Do positive accounting profits necessarily mean a firm will elect to remain in business? |
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3. fiogf49gjkf0d fiogf49gjkf0d What is the marginal product of labor? Explain why the marginal product of labor eventually declines with the level of employment at the firm. |
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4. fiogf49gjkf0d fiogf49gjkf0d 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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