Which of the Following Statements Is True

question 5

Multiple Choice

Which of the following statements is true ?

• A) Marginal revenue product is the extra revenue generated to the firm from the production of one more unit of output.
• B) Marginal factor cost is the extra cost to a firm of employing one more unit of a factor of production.
• C) The demand curve for a perfectly competitive employer is horizontal at the market wage rate.
• D) The supply curve of labor is upward sloping because of the law of diminishing marginal productivity.

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Definitions:

Stay-at-Home Father

A father who has chosen to forego paid employment to stay at home and care for his children.

Labor Force

The segment of the population that is either employed or actively seeking employment; the workforce.

Civilian Noninstitutional Population

This term refers to persons 16 years of age and older residing in the United States who are not inmates of institutions (e.g., penal and mental facilities, homes for the aged) and who are not on active duty in the Armed Forces.

Adult Population

Individuals within a society who are considered adults, typically measured by age thresholds specified by law or custom, often used in demographic analyses and policy discussions.