Multiple Choice QuestionWhich of the following exemplifies the concept of "quantities of other resources" as contributing to the marginal product of a particular resource?Multiple choice question.A lesser amount of capital and land resources used with labor will increase labor's marginal productivity and thus labor demand.A greater amount of capital and land resources used with labor will increase labor's marginal productivity and thus labor demand.An unchanging amount of capital and land resources used with labor will eliminate labor's marginal productivity and thus labor demand.A greater amount of capital and land resources used with labor will decrease labor's marginal productivity and thus labor demand.

Multiple Choice QuestionWhich of the following is true about the marginal productivity of any resource?Multiple choice question.It will decrease with the quantities of other resources used with itIt will vary with the quantities of other resources used with itIt will increase with the quantities of other resources used with itIt will stay constant with the quantities of other resources used with it

Multiple Choice QuestionWhich of the following increases marginal productivity and therefore its demand?Multiple choice question.Improvements in the quality of a variable resourceImprovements in the quantities of a variable resourceImprovements in the supply of a variable resourceImprovements in the demand of a variable resource

Multiple Choice QuestionWhat is marginal resource cost?Multiple choice question.The change in a firm's total revenue when it employs one additional unit of a resource.The change in quantity demanded of a resource that results from a change in its relative cost.The additional output produced when one additional unit of a resource is employed.The amount that each additional unit of a resource adds to the firm's total resource cost.

Multiple Choice QuestionWhat is the rule that guides profit-seeking firms when deciding to hire more labor or use more of a specific resource?Multiple choice question.Add additional units of the resource when the sum of additional units adds more to a firm's total revenue than it adds to the firm's total costAdd additional units of the resource when each successive unit subtracts more from a firm's total revenue than it adds to the firm's total costAdd additional units of the resource when every other successive unit subtracts more from a firm's total revenue than it adds to its total costAdd additional units of the resource when each successive unit adds more to a firm's total revenue than it adds to its total cost

Multiple Choice QuestionImprovements in the quality of a variable resource increase Blank______ and therefore its demand.Multiple choice question.costsmarginal productivityqualityresource supplymarginal supply