________ is a more direct method of determining the number of workers required to optimize a company's profit.
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2
marginal productivity theory
The term ________ refers to the income distribution about payments to factors when goods markets and factor markets are perfectly competitive.
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3
RCapital
________ is the equilibrium capital rental rate, and QCapital is the equilibrium quantity of capital utilized in production.
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4
marginal revenue
The ________ product curve, and hence the individual firm's demand curves for land and capital, slope downward owing to declining returns, just as they do for labor.
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5
land tax
Although a(n) ________ makes sense in terms of efficiency, there is no agreement on the level of taxes that is fair to landowners.
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6
marginal revenue
The term ________ refers to the product curve of a factor that shows how the ________ product of that factor depends on the quantity of the factor employed.
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Flashcard (42)