Why is each of the following incorrect? State the correct pr
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Why is each of the following incorrect? State the correct proposition. a. Marginal revenue product is calculated as tota
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Why is each of the following incorrect? State the correct proposition. a. Marginal revenue product is calculated as total revenue earned per worker. b. Distribution theory is simple. You simply figure out how much each factor produces and then give the factor its share of output. c. Under competition, workers get paid the total output produced minus the costs of raw materials. 5. Figure 12-1 shows that the share of labor in national income changed little from 1970 to 2007 even though total incomes (GDP) rose by a factor of three. Draw a set of economywide curves like those in Figure 12-8 which can explain these two facts
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