The marginal product of labor is defined as the change in
a. output per additional unit of revenue.
b. output per additional unit of labor.
c. revenue per additional unit of labor.
d. revenue per additional unit of output.
b
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The figure above shows the supply curve for soda. The market price is $1.00 per soda. The ________ price that must be offered so that the 10,000th soda is produced is ________
A) minimum; $0.50 B) minimum; $1.00 C) maximum; $0.50 D) maximum; $1.00 E) minimum; more than $0.50 but less than $1.00
Which of the following will most likely occur during the recessionary phase of a business cycle?
a. Real GDP rises, and the unemployment rate falls. b. Real GDP declines, and the rate of inflation rises. c. The sales of most businesses decline, and the unemployment rate rises. d. Inflation rises, and employment/population ratio falls.
A price-taking firm will tend to expand its output as long as price exceeds average variable cost and: a. its marginal revenue is positive
b. its marginal revenue is greater than the market price. c. its marginal revenue is less than the market price. d. its marginal cost is less than the market price.
A private good is characterized by excludability and depletability.
Answer the following statement true (T) or false (F)