The additional revenue obtained by a firm when it hires an additional worker, holding other inputs constant, is
A. the marginal cost of labor.
B. the marginal revenue product of labor.
C. equal to total revenue divided by the number of workers.
D. the marginal physical product of labor.
Answer: B
You might also like to view...
In terms of life expectancy and infant mortality, other OECD nations are able to generate superior health care outcomes with fewer resources relative to the United States
Indicate whether the statement is true or false
Which of the following will decrease the amount of a good that is traded in the market?
a. price floors and price ceilings b. excise taxes, price floors, and subsidies c. excise taxes d. subsidies e. price floors, price ceilings, and excise taxes
Which of the following goods is most likely to be associated with monopolistic competition?
a. Gasoline b. Milk c. Cookies d. Wheat
Monetary policy is
a. the policy concerning changes in the money supply that is pursued to achieve particular macroeconomic goals. b. the expenditures and taxation policy that the government pursues to achieve particular macroeconomic goals. c. the investment policy that businesses pursue to achieve particular macroeconomic goals. d. the spending and saving policy that consumers pursue to achieve particular macroeconomic goals. e. the spending policy that the Treasury pursues to achieve particular macroeconomic goals.