The marginal revenue 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: D

Economics

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a. True b. False Indicate whether the statement is true or false

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According to the economist Julian Simon:

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Suppose that when output is 20, marginal cost is $20, and average total cost is $30. Then which of the following is most likely to be true?  

A. Average total cost is declining. B. Average total cost is constant. C. Average total cost is rising. D. Average total cost is less than average fixed cost.

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