The value of marginal product of labor is the change in
A) profit from hiring one more worker.
B) output from hiring one more worker.
C) total revenue from hiring one more worker.
D) profit from producing one more unit of output.
C
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If the price level rises by 2 percent and workers' money wages increase by 2 percent, then the
A) quantity of labor supply decreases. B) quantity of labor supply increases. C) quantity of labor supplied does not change because there is no change in the real wage rate. D) More information about the dollar change in the price level and money wage rate are needed to answer the question.
The research of Ben Bernanke (1983) found the banking system of the 1930s to be fundamentally flawed and unable to serve its function of financial intermediation. Federal help was needed
Indicate whether the statement is true or false
As more and more firms have acquired fax machines, the fax machine has become a standard means of business communication. The increase in demand for fax machines for business communication:
A) is an example of the snob effect. B) proves that the fax machine is an inferior good. C) proves that the fax machine is a luxury good. D) is an example of a positive network externality. E) is an example of a negative network externality.
Tennessee emits sulfur dioxide that flows into North Carolina. In meeting sulfur emissions regulations, the Tennessee Valley Authority (TVA), which produces electricity, buys sulfur emission permits from Wyoming. The resulting hot spot problem is:
A. The citizens of Wyoming will experience higher sulfur emissions as a result of the emissions trading program. B. The citizens of Wyoming will experience lower sulfur emissions as a result of the emissions trading program. C. The citizens of Tennessee will pay more to reduce sulfur emissions than if the government used a command-and-control approach. D. The citizens of North Carolina will suffer higher emissions as a result of the emissions trading program.