26. The marginal productivity theory of income distribution assumes that factor

Question

26. The marginal productivity theory of income distribution assumes that factor markets are oligopolies. True False 27. Human capital is the improvement in _____ produced by _____. physical capital; technology labor; management labor; physical capital labor; education and knowledge 28. The fact that Tom Brady, the quarterback of the New England Patriots, is paid more than a high school football coach is an example of a wage disparity caused by compensating differentials. True False 29. The individual producer's labor demand curve is the: marginal product of labor curve. average product curve. value of the average product of labor curve. value of the marginal product of labor curve. 30. The amount by which an additional unit of a factor increases a firm's _____ during a period is the _____. total cost; marginal product total cost; value of marginal product total revenue; marginal factor cost total revenue; value of the marginal product 26. The marginal productivity theory of income distribution assumes that factor markets are oligopolies. True False

Explanation / Answer

Human capital is the improvement in labor; produced by education and knowledge.

The marginal productivity theory of income distribution assumes that factor markets are perfectly competitive. Factors are homogeneous and pefectly substitutable.

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