The marginal revenue product represents
A) the marginal physical product of labor divided by the price of the good produced.
B) the worker's contribution to the firm's total revenues.
C) the worker's contribution to the firm's output.
D) the value of each additional unit of output.
B
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In the long-run equilibrium in a perfectly competitive market, the firms produce at the ________ possible average total cost and the price equals the ________ possible average total cost
A) highest; highest B) lowest; lowest C) highest; lowest D) lowest; highest
Marginal profit is the profit
A. earned by a firm that is about to go out of business. B. calculated directly from the total cost curve. C. that is added by a one-unit increase in total output. D. earned for each dollar of cost increase.
The lowest of the federal or state minimum wage levels prevails in each state
a. True b. False Indicate whether the statement is true or false
It is possible for the economy to be producing at a point that lies beyond its institutional production possibilities frontier (PPF), but not its physical PPF
Indicate whether the statement is true or false