The marginal physical product of labor is defined as
a. a firm's total output divided by total labor input.
b. the extra output produced by employing one more unit of labor while allowing other inputs to vary.
c. the extra output produced by employing one more unit of labor while holding other inputs constant.
d. the extra output produced by employing one more unit of capital while holding labor input constant.
c
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No firm's total revenue could exceed its total opportunity costs if
A) all firms were price takers. B) prices always cleared the market. C) quantity demanded of every good equaled the quantity supplied. D) the future were completely predictable. E) there were no legal restrictions on entry into any industry.
Refer to Table 21-2. Using the table above, what is the approximate average annual growth rate from 2013 to 2016?
A) -1% B) 1% C) 2% D) 4%
The short run is depicted by a vertical supply curve
Indicate whether the statement is true or false
If the unemployment rate rises, which policies would both be appropriate to reduce it?
a. increase taxes, increase government spending b. increase taxes, decrease government spending c. decrease taxes, increase government spending d. decrease taxes, decrease government spending