The Marginal Productivity Theory of Income Distribution Assumes That Factor

question 296

Multiple Choice

The marginal productivity theory of income distribution assumes that factor markets are:

• A)monopolies.
• B)oligopolies.
• C)perfectly competitive.
• D)allowed to pay only the wages that government approves.

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Definitions:

Paul Ekman

A psychologist renowned for his research on the classification of human emotions and their expression through facial expressions.

Median

The middle value in a data set, which divides the set into two equal halves.

Mode

describes the value that appears most frequently in a data set.

Mean

A statistical measure that represents the average value of a set of numbers.