Marginal revenue product (MRP) of labor refers to the:
A. increase in total revenue resulting from the sale of an additional unit of output.
B. amount by which a firm's total resource cost increases when it employs one more unit of
labor.
C. increase in total revenue resulting from the hire of one more unit of labor.
D. price at which additional units of labor can be employed in a monopsonized labor market.
Answer: C. increase in total revenue resulting from the hire of one more unit of labor.
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In order to derive a market demand curve from individuals' demand curves, we add up the
A. incomes of all buyers, assuming that their tastes remain constant. B. various individuals' quantities demanded at each price. C. various prices that each buyer is willing and able to pay. D. total number of buyers in the market at each time period.
Assume that a no-load open-end mutual fund holds securities with a total market value of $12 million, has no liability, and has 500,000 shares outstanding. The net asset value par share of this fund is
A) $24. B) $60. C) $24 million. D) $60 million.
Refer to the figure below, expenditures as a percent of GDP fell dramatically in the 1980s.
A. True
B. False
C. Uncertain
The federal government receives most of its revenue from three sources: personal income tax, corporate income tax, and payroll tax.
Answer the following statement true (T) or false (F)