The marginal 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: C
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The turnover view of unemployment stresses that
A) most job vacancies have skill requirements not possessed by the unemployed. B) many job vacancies are located in different areas of the country than are the unemployed. C) there exist incentives for workers to refuse to accept jobs. D) there exists racial/and or sex discrimination against some workers.
Which of the following is also known as the firm's planning curve?
a. the average total cost curve b. the total cost curve c. the long-run average cost curve d. the long-run marginal cost curve e. the fixed cost curve
The Scarcity Principle applies to:
A. only market decisions, e.g., buying a car. B. only the poor. C. only non-market decisions, e.g., watching a sunset. D. all decisions.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.