The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm.
B) contribution of an additional unit of labor to a firm's revenue.
C) extra output that is produced by hiring an additional unit of labor.
D) amount of output produced by the first unit of labor hired by a firm.
B
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You observe that at your current production of lunch boxes, the average total cost of producing lunch boxes is $5 and the marginal cost of producing lunch boxes is $2. What should always happen if you increase lunch box production?
A. Marginal cost will rise. B. Marginal cost will fall. C. Average total cost will rise. D. Average total cost will fall.
The interest rate on a two-year security will continue to adjust until it is equal to
A. an average of the current one-year rate and the expected one-year rate for next year. B. twice the interest rate on a one-year security. C. the sum of the current one-year rate and the expected one-year rate for next year. D. half the interest rate on a one-year security.
If Pepsi goes on sale and decreases its price by 10 percent, and as a result, the quantity demanded of Coca Cola decreases by 5 percent, then Pepsi and Coke are ________ goods
A) inferior B) normal C) substitute D) complementary E) unrelated
A change in the money wage rate shifts
A) both the SAS and LAS curves. B) the LAS curve but not the SAS curve. C) the SAS curve but not the LAS curve. D) neither the SAS nor the LAS curve.