The marginal revenue product of labor is the:
A. change in labor necessary to produce an additional unit of output.
B. cost of additional labor necessary to produce an additional unit of output.
C. change in output resulting from adding an additional unit of labor.
D. change in revenue resulting from adding an additional unit of labor.
Answer: D
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Describe the characteristics of an oligopoly
What will be an ideal response?
In a circular-flow diagram, the total value of ________ equals the total value of ________
A) spending on goods and services; income B) GDP; GNP C) capital; labor D) exports; imports
Firms in a high-wage nation such as the U.S. can compete effectively with imports from low-wage nations if
a. skill levels are identical in the nations b. the U.S. reduces tariffs on imports c. low-wage nations impose tariffs on U.S. made goods d. labor productivity is higher in the low-wage nation e. labor productivity is higher in the U.S.
The demand for labor is a derived demand.
Answer the following statement true (T) or false (F)